New subsea services company comes to market in Vietnam

Thailand-headquartered subsea services provider Mermaid Maritime has established a joint venture company with a Vietnamese partner for the delivery of offshore subsea services in Vietnam.

The JV company was established by Mermaid Subsea Services (Thailand) which holds 50% and Tan Cang Offshore Services Joint Stock Company (TCO), being the other shareholder.

The primary activities of the entity named Tan Cang Mermaid Subsea Services Company Limited include offshore subsea services, ROV services, vessel chartering, and transportation and installation support services.

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.

TOC, founded in March 2012, provides offshore vessel chartering, ROV services, ocean towage and salvage, dredging, subsea services, transportation and installation services, and offshore asset decommissioning. The company’s primary activity is oil-related services and port exploitation.