Mermaid Maritime (SGX:DU4) has established a joint venture company in Nigeria with its subsidiary Mermaid Subsea Oil and Gas Services DMCEST, according to a Monday filing to the Singapore bourse.
The company owns a 51% stake in the new joint venture company named Mermaid Subsea Services, while the remaining 49% is held by Mermaid Subsea Oil and Gas Services.
The new joint venture has been formed to enable direct operational engagement with TotalEnergies Nigeria and other oil and gas majors while meeting all local content, regulatory, and contracting requirements, the company said.
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