Mermaid Maritime Forms Nigerian Subsea Joint Venture

Mermaid Maritime has established a joint venture with Nigerian oilfield services company Marine Platforms Limited to pursue subsea work for TotalEnergies Nigeria and other oil and gas operators in the country.

The new company, Mermaid Subsea Services Limited, will be 49% owned by Mermaid Subsea Oil and Gas Services, a wholly owned subsidiary of Mermaid Maritime, while Marine Platforms will hold 51%.

The venture is intended to allow direct operational engagement with TotalEnergies Nigeria and other oil and gas companies while meeting Nigerian local content, regulatory and contracting requirements.

Marine Platforms, established in 2001, provides subsea engineering, procurement, installation and construction services and solutions, as well as ROV support, well services and vessel chartering.

Mermaid Subsea Oil and Gas Services specializes in subsea services.

Mermaid Subsea Services has issued and paid-up capital of 100 million naira, equivalent to about $72,000. Mermaid Maritime will fund its investment from internal resources.

The company said the transaction was not expected to have a material impact on its net tangible assets or earnings per share for the current financial year.