GEPetrol, Mermaid Maritime form subsea services joint venture 

Mermaid Maritime has formed a joint venture with state-run energy company GEPetrol to provide subsea services to the oil and gas industry in Equatorial Guinea.

With demand rising for offshore operations in the country, Mermaid EG will provide diving services, supply vessels and remotely operated vehicles (ROVs).

Mermaid Subsea Oil and Gas Services DMCEST holds a 50% share, while GEPetrol holds 45% of this joint venture, with the other 5% held by Alogo Law Firm as a proxy for GEPetrol at its request.

Thailand-headquartered Mermaid Maritime said its investment in this joint venture “is funded from internal resources.”

It added, “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.”

Mermaid Subsea has subsidiaries, ventures and affiliates in Singapore, the United Arab Emirates, Saudi Arabia, Malaysia, Thailand and the UK.

The group’s fleet consists of three diving support vessels, two multipurpose support vessels for ROV services and two construction and pipelay barges, all classed by ABS or DNV.