Mermaid Maritime

Mermaid Maritime

Postby millionairemind » Mon Dec 29, 2008 8:33 am

Mermaid buys 20% of support vessel owner
Ship, now being built, will be time-chartered to Mermaid unit, with an option to buy it


By CONRAD TAN

MERMAID Maritime Public Company's offshore services unit has bought a 20 per cent stake in the owner of a dive support vessel for US$2.16 million.

The ship, the Mermaid Asiana, which is still under construction at ASL Shipyard in Singapore, is scheduled for delivery in the fourth quarter of the group's 2009 fiscal year which ends next Sept 30.

Mermaid Offshore Services (MOS), a wholly owned subsidiary of the Thai marine services group, paid US$108,000 a share for 20 shares or a one-fifth stake in Nemo Subsea IS, a Norwegian internal partnership formed in July 2007 whose sole investment is in the Mermaid Asiana.

The purchase was funded from MOS's retained earnings.

Upon delivery, the ship - a DP2-class dive support vessel - will begin its time charter with MOS, said Mermaid.

The vessel will be bareboat chartered to Great Cormorant Maritime, a subsidiary of Robert Knutzen Shipholdings, which will operate the vessel under a time charter to MOS.

Both charters are for a period of 10 years starting from delivery of the ship to MOS, which has an exclusive option to buy the ship after the third year of charter.

Mermaid said that the purchase of a 20 per cent stake in Nemo Subsea would allow greater security over the charter of the Mermaid Asiana.

'It will also allow Mermaid to benefit from profits generated by Nemo from the vessel's bareboat charter and, if the option to purchase the vessel is exercised by Mermaid, any net proceeds from the sale of the vessel,' the company said.

Also, a 20 per cent stake in Nemo would allow Mermaid to propose a resolution to the partnership to accelerate the sale of the ship, it added.

'If such a proposal is successfully passed, Mermaid could potentially own the vessel earlier ... before the third anniversary of the charter.'

The total partnership capital of Nemo is US$12.1 million, of which US$8.1 million has already been paid, Mermaid said.

The remaining unpaid capital of US$4 million is due by May 30 next year. MOS will be responsible for contributing 20 per cent or up to US$800,000 of the still-unpaid capital, if the full remaining amount of US$4 million is needed to complete the ship.

Bangkok-based Mermaid provides drilling and sub-sea engineering services to oil and gas companies operating in South-east Asia.

Through MOS, it provides sub-sea inspection, repair, maintenance and light construction services in countries such as Thailand, Malaysia, Indonesia and Vietnam.
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Re: MERMAID Maritime

Postby kennynah » Mon Dec 29, 2008 1:59 pm

Through MOS, it provides sub-sea inspection, repair, maintenance and light construction services in countries such as Thailand, Malaysia, Indonesia and Vietnam.

and in lull period...maybe it operates as a Love or Casino boat ....hahaha...joke only...
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Re: MERMAID Maritime

Postby millionairemind » Thu Jun 04, 2009 2:54 pm

Mermaid wins IRM gig with Conoco
By Upstream staff

Singapore-listed Mermaid Maritime has won an inspection, repair and maintenance IRM) contract from ConocoPhillips worth $7.85 million.

The contract to be performed by Mermaid’s Indonesian subsidiary, Seascape Surveys, will run for about four months. Seascape will mobilise chartered DP2 vessel, Binh Minh and Mermaid\s remotely operated vehicles (ROV) to carry out the contracted work.
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Re: Mermaid Maritime

Postby winston » Wed Oct 28, 2009 11:16 am

Not vested. From DBS:-

DBS Research is expecting weak 4Q09 results for Mermaid Maritime. FY10 earnings estimates have been reduced by 9% to factor in more conservative utilization rates for subsea fleet. Catalysts would be from potential asset acquisitions in 3-6 months. Maintain BUY, target price reduced to S$1.11 (Prev S$ 1.18).
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Re: Mermaid Maritime

Postby memphisb » Fri Oct 30, 2009 6:31 am

I think its taking some breather after the rights issue.
Suspect support at .80 and below. Be careful.

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Re: Mermaid Maritime

Postby winston » Wed Apr 21, 2010 12:03 pm

Not vested.

Singapore Hot Stocks-Mermaid Maritime up on CIMB's "outpeform"

SINGAPORE, April 21 (Reuters) - The benchmark Straits Times Index <.FTSTI> was flat as of 0305 GMT on Wednesday.

The following stocks were on the move: ** MERMAID MARITIME RISES AS CIMB INITIATES COVERAGE

Shares of offshore oil and gas service provider, Mermaid Maritime , was up as much as 8.2 percent to 79 Singapore cents, after the research arm of CIMB initiated coverage of the company, setting a target price at S$1 and rated the stock as an "outperform".

"Mermaid is the most established subsea player among the stocks in our coverage, with seven subsea vessels," CIMB analyst Yeo Zhi Bin said in his research report.

"Earnings are likely to increase 20 percent year on year in financial year 2010 and 75 percent year on year in financial year 2011 on the back of delivery of a new subsea vessel and a tender rig," he added.

Around 0305 GMT, Mermaid Maritime was up 7.5 percent at 78.5 Singapore cents with over 17 million shares changing hand.


Source: Reuters
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Re: Mermaid Maritime

Postby memphisb » Wed Apr 21, 2010 7:48 pm

strange can't see who r the big players who entered today.
How can it be all the million shareholders just be waiting for this report same time??

:) :)
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Re: Mermaid Maritime

Postby millionairemind » Mon May 17, 2010 2:28 pm

winston wrote:Not vested.

Singapore Hot Stocks-Mermaid Maritime up on CIMB's "outpeform"

SINGAPORE, April 21 (Reuters) - The benchmark Straits Times Index <.FTSTI> was flat as of 0305 GMT on Wednesday.

The following stocks were on the move: ** MERMAID MARITIME RISES AS CIMB INITIATES COVERAGE


So much so for OUTPERFORM... :roll: :roll: :roll:

This CIMB has repeatedly failed in its analyst reports.

Results super poor.

http://info.sgx.com/webcoranncatth.nsf/ ... 052010.pdf
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Re: Mermaid Maritime

Postby Aspellian » Mon May 17, 2010 2:46 pm

outperformed losses of prior quarter!!!!!! hahaha!!! :lol: :mrgreen:

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Re: Mermaid Maritime

Postby winston » Fri Jun 04, 2010 4:08 pm

Not vested.

Singapore Hot Stocks-Mermaid up on Indonesia drilling contract

SINGAPORE, June 4 (Reuters) - The benchmark Straits Times Index <.FTSTI> was 0.71 percent higher as of 0747 GMT on Friday.

The following stocks were on the move: ** MERMAID MARITIME UP ON $24.5 MLN DRILLING CONTRACT

Shares of offshore oil and gas service provider Mermaid Maritime rose as much as 10.2 percent to S$0.54 on news it had clinched a $24.5 million contract from Chevron Indonesia.

Mermaid will provide drilling and related services for Chevron's offshore oil and gas fields in Indonesia for a period of 9 months, starting this month, the company said in a statement.

Around 0747 GMT, Mermaid was up 9.2 percent at S$0.535 with over 22.5 million shares changing hands.


Source: Dow Jones Newswire
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