Mermaid Subsea Services (Thailand) Limited (“MSST”) in December 2024, entered into a sale and purchase agreement (“SPA”) with Argus Remote Systems AS (“Argus”) in Norway for four newbuild state-of-the-art Argus electric work-class remotely operated vehicles (“WROVs”).
Delivery of the four newbuild WROVs is scheduled for the 3rd quarter of 2025.
MSST, a Thailand-incorporated company, is a leading international provider of subsea and offshore services. It specializes in subsea and cable installation, incorporating marine operations, SAT/AIR diving, engineering, remote operated vehicles, and survey services in the Middle East, the United Kingdom, Africa, and Southeast Asia.
The Acquisition represents a firm commitment by MSST to continue its provision of turnkey sub-sea engineering services globally. This strategic investment will strengthen MSST’s operational capabilities, enabling Mermaid to support subsea projects with increased efficiency and precision to meet the evolving demands of the offshore energy sector.
The total consideration for the Acquisition is approximately EUR 11 million to be paid in stages and funded through Mermaid’s cash reserves and credit facilities.
