Mermaid Subsea Services Thailand (MSST), a wholly owned subsidiary of Mermaid Maritime, has entered into a facility agreement with the Export-Import Bank of Thailand to borrow a loan of up to the aggregate principal amount of US$65 million.
The objective of the facility agreement is to extend the financing of MSST's DP2 dive support vessels (DSVs) Mermaid Endurer (pictured) and Mermaid Asiana for a further period of five years with the same lender.
The loan shall be applied to settle the indebtedness due to the lender under a previous credit facilities agreement in respect to the two vessels and replacing that arrangement with the new facility agreement instead.