CM-ENERGY (00206) announced that on May 12, 2026, the company (as the buyer) entered into a memorandum of agreement with the seller, Well Target One O One Limited, to acquire the vessel—a saturation diving support vessel—for a purchase price of $110 million. Under an existing bareboat charter, the vessel is currently leased by the seller to TSC Offshore, a wholly-owned subsidiary of the company. TSC Offshore has time-chartered the vessel to an independent third party under a time charter party, which will remain valid and unaffected by the memorandum of agreement. The vessel is currently bareboat chartered by the seller to the group under the existing bareboat charter and subsequently time-chartered by the group to an independent third party under the time charter party. Although the group intends to develop its maritime asset management business, control of the vessel—including decisions on acquisition, disposal, and operational scheduling—remains with the owner, which imposes limitations on the group's ability to execute its strategies and business plans. Upon completion of the acquisition, the group will own the vessel and gain full autonomy and control over its operations, leasing, and disposal, thereby providing the group with significant operational flexibility. The acquisition will help establish a portfolio comprising both owned and leased maritime assets, enabling the group to accumulate assets and enhance value over the long term while maintaining flexibility through leasing maritime assets. This asset allocation will allow the group to adapt to market demands and optimize its asset structure, thereby effectively strengthening its core competitiveness and laying a solid foundation for its long-term development. The group considers the vessel a high-quality asset that meets its operational requirements. Built in 2017, the vessel has passed its initial commissioning and warranty phases. It possesses complete class certifications, certificates, and approvals from oil companies, maintains clear operational and maintenance records, and has experience operating in multiple global regions. Furthermore, the vessel is currently bareboat chartered to the group. As the vessel is already held and operated by the group, there is no need for complex commissioning and sea trials, effectively mitigating risks associated with new vessel delivery and commissioning. The acquisition will also reduce transaction costs and operational risks, as the group will be able to deploy the vessel directly into operation based on an established business model, thereby providing the group with a stable revenue stream. Additionally, compared to other DSCVs, the vessel offers higher operational efficiency in deepwater areas. Having operated stably in the market for many years and gained full recognition from reputable oil companies and oilfield service suppliers, the vessel holds a competitive advantage in securing long-term charter contracts in the market. Through the acquisition and by positioning the vessel in the core subsea engineering market, the group will develop its core businesses of vessel leasing and subsea engineering services, optimize its overseas business layout, and expand its market share in the global offshore engineering industry.