Thailand’s Mermaid Subsea Services orders four newbuild WROVs from Norway

Thailand-headquartered subsea and offshore drilling services company Mermaid Maritime Public Company Limited has purchased four work-class remotely operated vehicles (WROVs) from Norway’s Argus Remote Systems.

The company’s wholly owned subsidiary Mermaid Subsea Services (Thailand) (MSST) on December 20, 2024, entered into a sale and purchase agreement (SPA) with Bergen-based Argus for four newbuild Argus electric WROVs.

MSST, headquartered in Thailand, with operational bases in the Middle East, the UK, Africa, and Southeast Asia, specialises in subsea and cable installation, incorporating marine operations, SAT/AIR diving, engineering, ROVs, and survey services.

The total consideration for the acquisition, described as being on normal commercial terms, is approximately €11 million, to be paid in stages and funded through Mermaid’s cash reserves and credit facilities.

Delivery is scheduled for the third quarter of this year.

Around this time last year Mermaid Subsea Services (Thailand) established a joint venture company with Vietnamese partner Tan Cang Offshore Services Joint Stock Company (TCO) for the delivery of offshore subsea services in Vietnam.

The primary activities of the entity named Tan Cang Mermaid Subsea Services Company Limited include offshore subsea services, ROV services, vessel chartering, and transportation and installation support services.