Mermaid Maritime, a Thailand-based company specializing in subsea services and offshore drilling, announced the formation of MERMATE Co., Ltd., a joint venture in Taiwan with local ATE Energy International. The shareholding was structured as 49% for Mermaid Subsea Services (Thailand) Limited and 51% in the hands of ATE.
The purpose of this alliance is to offer technical energy services, installation of submarine cables and offshore construction project management. The new entity is being established with an initial capital of 1 million Taiwanese dollars, financed entirely with internal resources.
Ate Energy Profile
ATE Energy is a Taiwanese company with extensive experience in power engineering. Its portfolio of services includes from feasibility and design studies to final testing, maintenance and quality control in projects related to power plants, petrochemicalpetrochemical, incineration and renewable energy projects.
It also develops and markets storage equipment, consolidating its position as a key player in the local energy sector.
Subsea services and the contribution of Mermaid Maritime
For its part, Mermaid Maritime strengthens the partnership with its subsidiary Mermaid Subsea Services (Thailand), which provides technical know-how in subsea work and offshore and offshore operations.
This combination seeks to position MERMATE Co. as a reliable supplier for energy infrastructure projects in Taiwan and Southeast Asia.
Financial impact
According to Mermaid Maritime’s press release, the investment will have no material effect on net tangible assets or earnings per share during the current fiscal year.
The transaction does not involve personal interests of directors or significant shareholders, and is limited to their institutional participation in the company.
Source: Mermaid Maritime Public Company Limited
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