Mermaid Secures $10M Loan to Repay Subsea Vessel Acquisition

Thai subsea services company Mermaid Maritime has through its subsidiary Mermaid Subsea Oil and Gas Services (MSOGS) secured a loan of up to $10 million for the acquisition of Mermaid Sapphire ROV support vessel.

The loan agreement, SinoPac Capital International, will facilitate the reimbursement of Mermaid’s equity used for the acquisition of the Mermaid Sapphire.

The Mermaid Sapphire is a DP2 remotely operated vehicle (ROV) support vessel equipped with a deepwater work-class ROV, a 23-tonne knuckle boom crane and accommodation for 60 personnel.

The vessel was built in 2009 and is sailing under the flag of Panama.