Mermaid Maritime has established a new joint venture in Equatorial Guinea as it seeks to deepen its presence in West Africa’s offshore oil and gas market.
The venture pairs Mermaid Subsea Oil and Gas Services DMCEST — an indirect subsidiary of the Thailand-based contractor — with local partners led by state oil company GEPetrol, which holds 45% of the remaining equity through the JV’s other shareholder group. The Alogo Law Firm holds the final 5%.
The new entity will provide subsea and offshore support services to international oil companies operating in Equatorial Guinea. Its planned scope includes diving services, ROV work, vessel supply and a range of associated subsea operations, Mermaid said in a stock filing.
GEPetrol, established by presidential decree in 2001, manages the state’s hydrocarbon interests and has been expanding its role as an upstream operator. Industry officials say its increased involvement in project execution is creating new opportunities for service providers with established subsea capability.
Mermaid said the investment will be funded internally and is not expected to have any material impact on its assets or earnings for the current financial year.
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