Singapore – Jun, 05 2026 – Mermaid Maritime Public Company Limited has set up a 50:50 joint venture, DS Mermaid Pte. Ltd., with DS Global Offshore Engineering Singapore Pte. Ltd. to reactivate and commercially deploy the offshore support vessel “Mermaid Commander”.

Mermaid Maritime’s wholly owned unit, Mermaid Subsea Services (Thailand) Limited, will transfer the vessel to the new entity as an in-kind contribution, while DS Global will fund and carry out the repair and reactivation programme. Upon completion, the ship will be renamed “DS Mermaid Commander”.

The joint venture begins with a nominal capital of 2 United States dollars and is scheduled to increase its paid-up capital to about 27 million Singapore dollars by the third quarter of 2026, reflecting the shareholders’ respective contributions.

Mermaid Maritime said the transaction will be funded through existing assets and will not affect its net tangible assets. The company added that no directors or substantial shareholders have any interest in the deal beyond their current positions.