Mermaid Puts Off Vessel Delivery

Mermaid Maritime and China Merchants Industry Holdings have mutually agreed to postpone the delivery of the DP2 dive support and construction vessel ‘Mermaid Ausana’ to June 30, 2017.

Based on the Norwegian MT6024 design, the ‘Mermaid Ausana’ is a DP2 multipurpose subsea dive support and construction vessel that will be equipped with an 18-man twin bell saturation system and will have two self powered hyperbaric lifeboats. The vessel will also be equipped with diesel electric frequency controlled propulsion, azimuth thrusters, dynamic positioning systems, offshore cranes and platform deck for construction duties. The ‘Mermaid Ausana’ will be DNV classed, fully OGP compliant and will fly the Singapore flag.

In addition, Mermaid agreed with the same builder to extend the delivery dates for two performance class tender rigs ‘MTR-3’ and ‘MTR-4’ to December 31, 2016.

“The company now has aligned its strategic initiatives with market conditions through extended time to consider and implement preferred courses of action for the application of these assets. This includes, but shall not be limited to, accepting delivery of one or more of these assets from the builder on or before the respective delivery dates, or sale and disposal of the same to interested third parties,” Mermaid Maritime said in a press release on Friday, May 27, 2016.

Mermaid has also added that it had already recorded an asset impairment write-off on the entire deposit and associated costs related to the vessel and the rigs in its 2015 financial statements.

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