Mermaid Subsea Services takes 50% interest in CSV Millennium 3

Mermaid Subsea Services (Thailand) (MSST) has entered into a memorandum of understanding (MoU) with PT David Marine for the purchase of a 50% ownership share in DP2 construction support vessel Millennium 3.

MSST believes that purchasing an interest in the vessel will increase its ability to pursue opportunities related to subsea cable-lay activities in the Persian Gulf region and other subsea-related projects.

PT David Marine will retain a 50% ownership interest in the vessel. The total consideration for the purchase is $16 million.

It is conditional upon the parties entering into an agreement to establish a joint venture company, as well as ancillary agreements to handle operating costs, management issues, banking and financial transactions, and capital expenditure in relation to the vessel, subject to terms and conditions to be mutually agreed.

Millennium 3 was built in 2011 in Indonesia by Nantong Dongjiang Shipyard, and is currently operating in the Persian Gulf.

The 126.5-meter long vessel is classified by Bureau Veritas and is flagged under the state of Comoros, with Moroni listed as its port of registration. It has a 300-ton crane and accommodation berths for 239 persons.

MSST currently owns and operates two dive support vessels (DSVs), as well as an ROV support vessel, in the Persian Gulf. The company added that it regularly charters subsea vessels to complete additional projects in both the Persian Gulf, the Gulf of Thailand, and elsewhere in South East Asia.