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January 13, 2014updated 10 Mar 2022 12:44pm

Mermaid Maritime buys two drilling rigs and a support vessel from China Merchants

Thailand-based subsea and drilling services provider Mermaid Maritime has signed a deal with China Merchants Industry Holdings (CMIH) to buy two new-build tender rigs and one new-build dive support vessel for $436m.

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Thailand-based subsea and drilling services provider Mermaid Maritime has signed a deal with China Merchants Industry Holdings (CMIH) to buy two new-build tender rigs and one new-build dive support vessel for $436m.

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The move is to meet the growing demand among consumers and drive Mermaid’s subsea engineering and drilling capabilities.

Each of the tender assist rigs will cost $149m and will use the National Oilwell Varco (NOV) design for enhanced safety, spare equipment and 50% more deck space, accommodating around 200 people.

The new dive support and construction vessel will cost $138m and will feature a remotely operated underwater vehicle (ROV) and a twin bell saturation system, which will allow it to perform subsea support activities such as survey support, ROV support, diving support and subsea maintenance.

Mermaid CEO Chalermchai Mahagitsiri said their two drilling rigs, MTR-1 and MTR-2, are nearing the latter portion of their useful lives.

“The two state-of-the-art tender rigs we have ordered will enable us to operate at a higher level during a time in which customer preferences and hence day rates continue to favour newer equipment,” Mahagitsiri said.

“The newly-ordered dive support vessel meanwhile will be Mermaid’s fourth such asset, adding to a fleet high in demand by oil majors in the Middle East and Asia. The three existing dive support vessels are currently working in Indonesia, the North Sea and the Gulf of Thailand.”

Mermaid is expected to finance the purchase through its recently completed $176m rights offering and loans.

The two drilling rigs will be delivered in the first and second quarters of 2016, respectively, while the dive support vessel will be delivered in the third quarter of 2016.

CMIH CEO Zhu Guiming said the three orders represent the collaborative process that began between the two companies in 2013 and will conclude with the delivery of all three vessels in 2016.


Image: The dive support vessel will be built for $138m. Credit: courtesy of Mermaid Maritime Public Company Limited.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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