On Sep, 28 2026, Mermaid Maritime Public Company Limited announced the establishment of Mermaid Subsea Services Limited, a Nigeria-incorporated joint venture in which its wholly owned subsidiary Mermaid Subsea Oil and Gas Services DMCEST will hold 49%, while local partner Marine Platforms Limited will own the remaining 51%. The entity has an issued and paid-up capital of about 0.10 million Singapore dollars.

The new company is intended to support direct operational engagement with TotalEnergies Nigeria and other major oil and gas clients, while satisfying local content, regulatory and contracting requirements. Mermaid said the investment will be funded from internal resources and is not expected to have any material impact on its net tangible assets or earnings per share for the current financial year.

The firm added that none of its directors or substantial shareholders has any interest in the transaction beyond their existing roles in Mermaid Maritime.