Mermaid Maritime Public Company Limited said its wholly owned subsidiary, Mermaid Subsea Services (Thailand) Limited (MSST), has entered into a joint venture agreement with DS Global Offshore Engineering Singapore Pte. Ltd. (DS Global) to reactivate and commercially develop the offshore support vessel MERMAID COMMANDER, according to an announcement issued by the company’s Board of Directors and signed by Company Secretary Saleela Boontrakulsuk on 5 June 2026.
Under the agreement, DS Global will undertake the vessel’s reactivation and repair works. Upon completion of the project, the vessel will be renamed DS MERMAID COMMANDER.
Joint Venture Structure
The parties have also established DS Mermaid Pte. Ltd. in Singapore as the investment and operating vehicle for the vessel’s reactivation and subsequent commercial deployment. The joint venture company has an issued and paid-up capital of USD 2.00.
Mermaid Subsea Services (Thailand) Limited holds a 50% stake in the joint venture through an in-kind contribution of the vessel, while DS Global Offshore Engineering Singapore Pte. Ltd. holds the remaining 50% stake in consideration for providing vessel reactivation, repair and ship management services.
Offshore Expansion
According to the company, the primary business of the joint venture will be ship management and the commercial development of the vessel, with a strategic focus on entering the offshore maritime market.
DS Global Offshore Engineering Singapore Pte. Ltd. is a subsidiary of DS Global Offshore Engineering (Tianjin) Co., Ltd., a privately owned company established under the laws of the People’s Republic of China and specializing in offshore engineering.
Mermaid Maritime noted that Mermaid Subsea Services (Thailand) Limited is a direct wholly owned subsidiary of the company with expertise in subsea services.
Financial Impact
The investment will be funded through existing internal assets through the in-kind contribution of the vessel and is not expected to have any impact on the company’s net tangible assets.
The company further stated that none of its directors or substantial shareholders has any direct or indirect interest in the transaction, other than through their respective directorships and shareholdings, if any.
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