Mermaid said the vessel – Mermaid Sound - would support the FPSO and tankers during offtake loading operations and provide normal supply vessel operations, slated for May 2006.

It would utilise a diesel electric azimuthing stern drive generating 67 tonne bollard pull on three engines, with Mermaid claiming it is probably the first purpose-built diesel electric offtake support vessel in the world, that configuration usually being employed in dynamically positioned dive support vessels.

It put construction costs at A$12 million.

The company said it had also finalised the $6 million acquisition of the 40 metre Mermaid Guardian, which will spend its initial three months on charter on a Russian offshore construction project.

In financial news, Mermaid said it expected its profit for the current financial year to comfortably exceed $3.5 million before tax, an improvement on its forecast earlier in the year which predicted a quiet 12 months with stronger earnings in 2006.