TTA Spearheads Sub-Sea Venture Expansion, Acquires M/V Team Siam worth 985 million Baht Through Subsidiary
Thoresen Thai Agencies Public Company Limited (TTA) has given full support to Mermaid Offshore Services Ltd. (MOS), a 99.99% owned subsidiary of Mermaid Maritime Public Company Limited (Mermaid), in the acquisition of M.V. "Team Siam" worth more than 985 million baht in March 2010. The vessel will effectively enhance its growing sub-sea engineering services.
"MOS, a wholly owned subsidiary of Mermaid, will in March 2010 purchase M.V. "Team Siam" from Team III Ltd. at the cost of US$ 29.5 million or 985.9 million baht, primarily to accommodate the future sub-sea business expansion," revealed M.L. Chandchutha Chandratat, TTA Managing Director & CEO.
"MOS, a wholly owned subsidiary of Mermaid, will in March 2010 purchase M.V. "Team Siam" from Team III Ltd. at the cost of US$ 29.5 million or 985.9 million baht, primarily to accommodate the future sub-sea business expansion," revealed M.L. Chandchutha Chandratat, TTA Managing Director & CEO.
"The rationale for the purchase is to turn MOS from a charterer to an owner status, further contribute materially to its long-term earnings, and secure greater control over the operations of the vessel, its use, maintenance, and any future upgrades, thus assuring its clients of the maintenance and top quality of service of this asset," added CEO M.L. Chandchutha.
M.V. Team Siam is a Dynamic Position 2 construction support vessel previously under long-term charter to MOS from Team III Ltd. and currently operating in the Persian Gulf. The vessel has a moon pool for diving operations and is equipped with a semi-permanently installed 10-man single bell saturation diving system.
The M.V. "Team Siam" has a 70-tonne crane and accommodation for 135 crew and workforce personnel. Team III is a wholly owned subsidiary of Topaz Energy & Marine Ltd., a specialist provider of marine services and oil and gas fabrication services in the Middle East.
"The purchase will be funded out of loans by MOS and proceeds received from the recent rights issue of Mermaid. The size of transaction equals 2.37% of the total assets of TTA and its subsidiaries as of 30 September 2009. The total assets of TTA and its subsidiaries as of 30 September 2009 amounted to 41.64 billion baht," said CEO M.L. Chandchutha.
MOS is a leading provider of sub-sea engineering services to the offshore oil and gas industry in the region. MOS provides sub-sea inspection, repair and maintenance services, light construction services, and emergency repair and call out services. With this latest acquisition, MOS now owns all of its seven sub-sea vessels. MOS operates these vessels as part of a ‘one stop' solution utilizing a highly skilled workforce and other key assets, including four saturation diving systems, 10 offshore air diving systems and 14 Remotely Operated Vehicle (ROV) systems including deepwater and ultra-deepwater heavy construction class systems. MOS also has two additional dive support vessels on order. These vessels will also be wholly owned by MOS upon delivery.
About TTA
Thoresen Thai Agencies Public Company Limited is amongst the top 50 companies listed on the Stock Exchange of Thailand with high trading liquidity. Its investment strategy is to grow through a diversified business portfolio of transport, energy, and infrastructure assets, both domestically and internationally. TTA is recognised as a leader in the dry bulk shipping industry. The company has also expanded its investment into other business areas, such as offshore services through Mermaid Maritime Public Company Limited, fertilisers and logistics through Baconco Co., Ltd., and coal-related businesses through Merton Group (Cyprus) Limited and Unique Mining Services Public Company Limited.