Mermaid Maritime to sell ageing barges for $5.1 mil

SINGAPORE (May 30): Mermaid Maritime has disposed of its MTR-1 barge and MTR-2 tender assist drilling rig to Star Matrix for a total of US$3.8 million ($5.1 million).

The group says the disposal is to maximise value of the barges, which are more than 35 years old and deemed by the company to be past their operating useful life. MTR-1 and MTR-2 were built in 1978 and 1981, respectively.

Mermaid Maritime adds that the disposal is part of the group’s strategic review to manage its cost-saving challenges and formulate a plan for the turnaround of its remaining businesses.

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