Last October, both companies signed an initial agreement for a mutual exchange of assets. Mermaid agreed to sell its manning business to IGL for $4.4 million. In turn, IGL said it would sell Total Marine Services’ offshore vessels to Mermaid for $23.8 million.

Mermaid said all five vessels purchased from IGL have now started immediate work with clients. The company acquired the remaining two vessels – the Total Endeavour and Total Resource – last Friday.

Company secretary Peter Raynor said the additions would increase Mermaid’s existing fleet numbers by 20% to a total of 24.

“The North West Shelf is expanding rapidly and the additional resources are of immediate use to meet the growing demand for quality offshore vessels in the region,” Raynor said.

“The new vessels will give MMA a valuable operating advantage, providing our clients with additional flexibility and backup, which is a critical element of differentiation in the market.”

Under the deal, Total Marine will also supply exclusive marine manning services to the expanded fleet for seven years.