Subsea Services

Mermaid’s subsea engineering centers around diving and remote intervention by unmanned submersibles (“ROV”). Its Subsea Division is represented by Mermaid Subsea Services (Thailand) and Mermaid Subsea Services (International) Ltd. Both subsea units are integrated and operate under the same brand “Mermaid Subsea Services”. A wide range of subsea engineering services are provided, including subsea installation engineering, offshore decommissioning, inspection, repair and maintenance, construction and installation support, commissioning, cable and pipe laying projects.

The subsea fleet consists of 7 subsea support vessels, 3 of which are specialized dive support vessels, and 15 ROV systems, including deep water and ultra-deep-water heavy construction class systems. Apart from its key assets, the Subsea Division has a workforce up to 500 professional engineers, divers, technicians, surveyors, HSE personnel, marine personnel and support staff to work on its subsea engineering projects in addition to a permanent workforce.

Subsea Support Vessels
of which are Specialized Dive Support Vessels
ROV systems

Fleet Services

All vessels are classified by DNV or ABS, which are two of the leading classification societies. All vessels are subject to regular inspection by class surveyors, in addition to regular dry-docking and other planned maintenance. Another core competency for the Subsea Division is running its diving operations to world class standards, especially those set by the International Oil and Gas Producers Association (“OGP”).

Subsea Fleet List

No. Name of Vessels Vessel Type Calendar Year
Build Year Purchase Year
1. Mermaid Endurer DP2 Dive Support Vessel 2010 2010
2. Mermaid Asiana DP2 Dive Support Vessel 2010 2010
3. Mermaid Commander DP2 Dive Support Vessel 1987 2005
4. Mermaid Sapphire DP2 ROV Support Vessel 2009 2009
5. Mermaid Siam DP2 Construction 1991 2010
6. Mermaid Challenger General Utility Vessel 2008 2008
7. S.S. Barakuda General Utility Vessel 1982 2010

The following details the Subsea Division’s core services:

Exploration services
Pre-installation surveys, rig positioning and installation assistance, subsea equipment maintenance. Pre-installation surveys, rig positioning and installation assistance, subsea equipment maintenance.
Development services
Pre-installation surveys, rig positioning and installation assistance, subsea equipment maintenance. Pre-installation surveys, rig positioning and installation assistance, subsea equipment maintenance. Pre-installation surveys, rig positioning and installation assistance, subsea equipment maintenance.
Production services
Pre-installation surveys, rig positioning and installation assistance, subsea equipment maintenance.

Marketing and Competition

Subsea Services Clients

Major National and International oil and gas producers and suppliers, pipeline transmission companies, and offshore engineering and construction firms trust Mermaid as their partner in our regional markets of Middle East and South East Asia. In 2019, Mermaid delivered subsea services to various clients in both key regions.

Clients in the Middle East remain a major contribution to Mermaid’s business. A key diving contract secured in 2013 through the Company’s Middle East joint venture, Zamil, Mermaid continues to buoy Mermaid’s revenues and returns and will continue to do so until end of 2022 after securing a three-year contract extension in 2019. Mermaid’s strategy “Positioning for growth” is expected to pace regional market expansion into other markets for the Subsea Division such as North Sea, West Africa and Mediterranean over the next few years.

Maximize vessel utilization continues as one of top priority while at the same time, cross selling of services through the value chain and longer contract durations in growth areas e.g. North Sea, South East Asia, and the Middle East.

Competition

Customer service remains our crucial differentiator. There are many reasons why our customers choose us. We have an excellent health, safety and environment track record which we are proud of. We also offer first tier service quality in a competitive price mix. We have capability and resources to handle large and small projects as required, and to this end provide a ‘one-stop shop’ service point. We are supported by a large pool of in-house experienced and dedicated personnel, strategic local partnerships in various geographies, and we are fully compliant to international standards on our vessels, rigs and equipment.

We have also worked hard to earn a track record of successful projects with reputable clients, to expand business to new geographical area and develop regionally based operations with long-term customer relationships and have systems in place to allow dedicated customer support and quick response to emergency call outs and variation orders at all times and in all situations. As a result, we are pleased to receive continued repeat business from our customers.

Mermaid’s Industry Positioning

Having served the Oil & Gas industry for over 30 years, Mermaid boasts a proven track record of subsea excellence. With operations throughout South East Asia, Middle East and now the North Sea, Mermaid plays a pioneering role in the global subsea markets. Mermaid has the ability provide a subsea engineering solution, in any water depth which involve complex and challenging engineering, in any region of the world for the Oil and Gas markets.

Owning and operating a fleet of subsea construction, intervention and survey vessels that enable us to offer differentiated positions with our clients, Mermaid focuses on long term relationships that enhance our service delivery and reduce overall risk.

Mermaid continues to take a cautionary perspective on the offshore oil and gas market outlook over the next 12 months. With the recent oil market rebalance, coronavirus impact, many commentators in the industry have put forward certain features of offshore oil and gas service companies that would make them better placed than others in this context. Having taken these various factors into account, Mermaid believes that it is one of those well-placed companies to capitalize on the current market conditions. This is due to Mermaid’s strategic industry positioning, reputation, track record, and fiscal discipline. This is further elaborated below:

(References: IHS Markit, Kennedy Marr, Organization of the Petroleum Exporting Countries (OPEC), Pareto Securities Research, Rigzone, Rystad Energy, Strategic Offshore Research, U.S. Energy Information Administration (EIA), Moody’s, Wood Mackenzie).