Mermaid Maritime Forms Brunei Offshore Services Joint Venture

The latest announcement is out from Mermaid Maritime Public Co., Ltd. ( (SG:DU4) ).

Mermaid Maritime Public Company Limited has formed a 50/50 joint venture in Brunei with Serikandi Oilfield Services Sdn Bhd, creating Serikandi Mermaid Sdn Bhd with issued and paid-up capital of US$400,000. The new entity will focus on offshore transportation and installation, inspection, repair and maintenance, decommissioning, and pipeline projects in Brunei’s energy sector.

The investment, funded from internal resources, is not expected to materially affect Mermaid Maritime’s net tangible assets or earnings per share for the current financial year. The partnership combines Mermaid’s subsea capabilities with Serikandi’s established local presence, enhancing the company’s access to Brunei’s offshore oil and gas opportunities without significantly altering its near-term financial profile.

More about Mermaid Maritime Public Co., Ltd.

Mermaid Maritime Public Company Limited is a Thailand-based provider of subsea and offshore services to the energy sector, operating primarily through its wholly owned subsidiary Mermaid Subsea Services (Thailand) Limited. The group focuses on offshore inspection, repair and maintenance, construction support, and related marine projects for oil and gas customers in regional markets.

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Technical Sentiment Signal: Sell

Current Market Cap: S$230.7M

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