Mermaid confirms ‘Windermere’ charter

Mermaid Maritime Public Company Limited has announced that its Indonesian business unit has chartered in the ex-Windermere from an affiliate entity of Miclyn Express Offshore Ltd. (MEO). 

MEO has informed today that the company has bought a DP2 Subsea Operations Vessel Windermere and that the vessel will be chartered effective immediately.

The charter is for a period of 5 years at a cost of approximately USD 15 million per year, with options to extend for another 5 years. The vessel is scheduled to be delivered in the month of December 2014. The ex-Windermere, to be renamed ‘Mermaid Nusantara’, a 5 year old DP2 dive support vessel (“DSV”) and former flagship of Hallin Marine, comes with a 15 man built-in saturation diving system and air diving system, 120 beds and a 50 ton crane, and will be the first of its kind operating in Indonesia.

The ‘Mermaid Nusantara’ will undertake inspection, repair and maintenance contracts as well as performing saturation diving for construction support, ongoing field maintenance and call out repair.

According to the company, the charter-in of the ‘Mermaid Nusantara’ is a significant opportunity to secure a dedicated DSV for the Southeast Asia market and also to materially increase the revenue and profit of Mermaid in the Eastern hemisphere. Being Indonesian flagged, the vessel will be in prime position to secure any potential work in Indonesia, Mermaid said.

“Being Indonesian flagged, the vessel will be in prime position to secure any potential work in Indonesia, Mermaid said.”

In addition, the vessel will also bid for jobs in Myanmar, Thailand, Malaysia and Brunei while providing back up for the DSV ‘Mermaid Commander’ and for any additional work.

The Group owns a fleet of seven subsea vessels located in South East Asia, Middle East and the North Sea and the new addition of the ‘Mermaid Nusantara’ joins other Mermaid vessels on charter-in such as the ‘Bourbon Evolution’ and ‘Mubarak Supporter’ in the Middle East, and the ‘Endeavour’ and ‘Resolution’ in South East Asia. Mermaid said that the strong demand for the Group’s scope of services reflects its continued standing as a safe and steady investment in the oil & gas sector.

Chalermchai Mahagitsiri, Chief Executive Officer of Mermaid said, “We are pleased to be able to secure the charter-in of the ex-Windermere to be renamed Mermaid Nusantara, a quality DSV with a proven operational track record, for 5 years, with options to extend it for another 5 years. The Group had the next few years in mind during negotiations to secure the charter as we have received numerous requests for the scope of work that the vessel provides. We believe that the addition of this DSV will place us in a very opportune position to capitalize on the growing demand for subsea services in Indonesia. As it stands, with the addition of the Mermaid Nusantara, Mermaid is now a leading subsea services company in Indonesia, and allows us to increase our exposure in Indonesia, and subsequently, the region.”

Image: Hallin Marine

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