Mermaid Maritime is poised to make almost $4m off of scrapping two barges built four decades ago.
The Singapore-listed OSV player will sell its 5,309-dwt MTR-1 (built 1978) and a 7,989-dwt MTR-2 (built 1981) to Mumbai-based cash buyer Star Matrix for $3.8m.
Mermaid said it expects to make the $3.7m in net proceeds available for working capital.
The Chalermchai Mahagitsiri-led company is scrapping the vessels past "operating useful life" to position Mermaid for future challenges and opportunities in the oil and gas industry.
