Mermaid Subsea Services to Acquire Swiber's Offshore Construction Vessel

Thai-based offshore services company Mermaid Subsea Services has signed a letter of intent with the offshore construction vessel Resiliant from Resiliant Offshore, a subsidiary of Swiber.

The vessel - previously known as Swiber Conquest - is a pipelay and accommodation work barge. It was built in 2005 and is flagged under Panama. The vessel is currently operating in Asia and is a suitable vessel for completing decommissioning work scopes.

In 2020, Mermaid Subsea Services formed a business unit to carry out decommissioning and other services. 

"This acquisition will allow [Mermaid Subsea Services] to secure long term access to this asset as part of its stated aim to act as a key provider of decommissioning services in Thailand and the surrounding region," Mermaid said announcing the letter of intent for the vessel acquisition.

Subject to the parties entering a formal sale and purchase agreement. Mermaid will buy the vessel for $7 million.

In a separate statement, Swiber said that the vessel has been mortgaged in favor of a financial institution under a loan deal with Swiber, and that the sale would enable the group to realize the value of the vessel and use the net proceeds from the proposed disposal towards partial repayment of the amounts owing to the financial institution, thereby reducing the liabilities of the group as part of the group's ongoing restructuring efforts.

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