Thailand-headquartered subsea and offshore drilling services company Mermaid Maritime Public Company Limited has established a joint venture company in Equatorial Guinea with the African country’s national oil company GEPetrol S.A for services in the oil & gas industry.
The primary activity of the joint venture company named MERMAID EG S.A is the provision of offshore services to the oil & gas majors operating in Equatorial Guinea, including diving services, vessel supply, remotely operated vehicle (ROV) and all other associated services.
Mermaid Subsea Oil and Gas Services DMCEST (UAE), an indirectly owned subsidiary of Mermaid Maritime, held through Mermaid Subsea Services (Thailand) Co., Ltd., holds a 50% share. GEPetrol S.A holds 45% and 5% is held by Alogo Law Firm S.L. as a proxy for GEPetrol at its request.
According to Mermaid Maritime, the investment is funded from internal resources and the transaction is not expected to have any material impact on the net tangible assets and earnings per share of the company for the current financial year.
The company this summer also established a joint venture in Taiwan with ATE Energy International, a Taiwanese company specializing in the energy engineering sector. The entity’s primary activities include energy technical services, cable installation and offshore construction projects.