en.Wedoany.com Reported - Mermaid Subsea Services (Thailand) (MSST) has signed a joint venture agreement with DS Global Offshore Engineering Singapore (a subsidiary of DS Global Offshore Engineering (Tianjin), a private marine engineering company established in China) to strategically activate and commercially develop the vessel "Mermaid Commander."

Under the agreement, the vessel, built in 1987, will be activated and repaired by this Singapore-based company. The two parties have established a joint venture in Singapore to serve as the investment and operational vehicle for the vessel's activation and subsequent commercial deployment. DS Global will undertake and fund the activation and repair work.

The joint venture is named DS Mermaid Pte. Ltd. Mermaid Subsea Services (Thailand) Limited holds a 50% stake by contributing the vessel as an in-kind investment, while DS Global holds the remaining 50% stake by providing vessel activation, repair, and ship management services as consideration.

The joint venture's primary business involves vessel management and the commercial development of the vessel, with a strategic focus on entering the offshore maritime market. Upon completion of the activation work, the vessel will be renamed "DS Mermaid Commander."

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