Mermaid Maritime gets $110m bank loan

Offshore services firm Mermaid Maritime has inked a 10-year loan agreement for $110m with Export-Import Bank of Thailand. The Thoresen Thai Agencies' subsidiary will use the new credit facility to refinance its existing loan for two vessels - Mermaid Endurer and Mermaid Asiana. Mermaid Maritime, listed in Singapore, expects to reinforce and enlarge its subsea engineering business while keeping financing costs low. Mermaid Maritime has recently injected $14.8m to consolidate its ownership stake in its offshoot Asia Offshore Drilling, in which Seadrill has also taken a stake.