Mermaid Maritime Public Company Limited thai offshore services company expands its presence in the African oil sector with the creation of a new joint venture in Nigeria. The company will partner with Marine Platforms Limited (MPL) to develop subsea operations for the country’s oil and gas industry.
The new company will be called Mermaid Subsea Services Limited, Marine Platforms Limited will hold a 51% stake, while Mermaid Subsea Oil and Gas Services DMCEST will control the remaining 49%.
According to information released by Mermaid Maritime, this structure will allow direct work with TotalEnergies Nigeria and other major oil and gas companies the alliance also seeks to facilitate compliance with local content, procurement and regulatory standards applicable to projects implemented in Nigeria.
Mermaid Maritime strengthens its submarine services in Nigeria
Marine Platforms Limited will contribute its experience within the Nigerian market to the joint venture, the local oil services company, founded in 2001, develops solutions for subsea projects under EPIC schemes of engineering, procurement, construction and installation.
MPL also provides support services through remotely operated vehicles (ROV) work related to wells and vessel chartering. These capabilities will allow us to combine subsea expertise and specialized infrastructure with regulatory and operational knowledge of the Nigerian market.
The partnership is particularly relevant because of the model chosen to enter the market, Mermaid Maritime will have access to a business structure with majority Nigerian ownership, while MPL will be able to integrate international capabilities to compete for contracts related to offshore operations and subsea projects.
The joint venture is targeting TotalEnergies and other operators
One of Mermaid Subsea Services Limited main objectives will be to establish a direct operational relationship with TotalEnergies Nigeria and other international companies that carry out oil and gas activities in the country.
The strategy places servicessubseaAt the heart of the new company are EPIC solutions, ROV support, well-related services, and specialized vessels, tailored to the needs of each project.
Mermaid Maritime indicated that the investment needed to establish the joint venture will be financed through internal resources the available information does not detail the amount of the transaction nor does it mention specific contracts already awarded to the new company.
Nigeria joins Mermaid Maritime’s international expansion
The creation of Mermaid Subsea Services Limited expands the international strategy that Mermaid Maritime has been developing through partnerships with companies in different markets.
Prior to its entry into Nigeria, the company had already established joint ventures in Taiwan, Equatorial Guinea, Brunei and Singapore the new company is taking this model to another oil market where local knowledge and regulatory compliance are key factors in competing for contracts.
With the addition of Nigeria, Mermaid Maritime continues to expand its international network of offshore and subsea services, while the new joint venture focuses its strategy on opportunities linked with TotalEnergies Nigeria and other operators in the oil and gas sector.
Source: Offshore Energy
Photo: Mermaid Maritime
