Bangkok--10 Apr--EXIM Thailand
EXIM Thailand provides merchant marine financing worth 9 million US dollars to Mermaid Maritime Public Company Limited (MMPLC) for the inspection, repair and maintenance services of MMPLC’s Thai-flagged offshore drilling vessel, in line with the government’s policy to promote Thai maritime business development.
Mr. Kanit Sukonthaman, President of Export-Import Bank of Thailand (EXIM Thailand), and Mr. Chalermchai Mahagitsiri, Chief Executive Officer & Executive Vice Chairman of MMPLC, co-signed the credit facility agreement worth 9 million US dollars at Orakarn Building, Chidlom, on April 5, 2013. The loan objective is to finance MMPLC’s Special Periodic Survey (SPS) to enhance the efficiency of a tender drilling rig, titled MTR-2 to meet future service demands.
MMPLC is a subsidiary of Thoresen Thai Agencies Public Company Limited (TTA). Realizing MMPLC’s potential, EXIM Thailand has arranged this loan facility to help advance the development of MMPLC’s subsea engineering and tender rig drilling business for the offshore oil and gas industry. MMPLC’s client base includes leading international oil and petroleum companies such as Chevron. The loan objective is to support the maintenance and efficiency enhancement of MTR-2, which has a maximum drilling capacity of 5,943 meters in depth. The SPS facility will enable MTR-2 to meet obligations under long-term service agreements, which will be forthcoming in light of the consistently increasing demands. To date, there are only 47 tender rigs around the world, mostly operating in Southeast Asian seas.