Singapore-listed Mermaid Maritime Public Company Limited (Mermaid Maritime, MMT or the Group), a leading provider of subsea and drilling services for the global offshore oil and gas industry, revealed Wednesday that the Group has via its wholly owned subsidiary, Mermaid Subsea Services (International) Ltd. (MSS), increased its shareholding interest in Subtech Saudi Arabia Ltd. (Subtech Saudi Arabia) from 70 percent to 95 percent.
The Group increased its stake in Subtech Saudi Arabia to 95 percent through acquisition of previous co-shareholder General Technology & Systems Co. Ltd. with the remaining 5 percent held by local interests represented by Integrated Trading Services Establishment. The aggregate value of the consideration for the 25 percent shares was $250,000. This new shareholding structure of Subtech Saudi Arabia is currently in the registration process and is expected to be completed by the end of October. As part of the Group’s unified branding initiative, Subtech Saudi Arabia shall also be renamed as Mermaid Subsea Services (Saudi Arabia) Ltd.
The Group’s move to increase its business presence in Saudi Arabia comes soon after the world’s biggest oil producer, state-owned Saudi Aramco, announced its plans to increase investment over the next decade to keep oil production capacity steady, while doubling gas production.
Mermaid Subsea Services, the new amalgamated name for the Group’s subsea operation, combines the strengths of Subtech, Mermaid Offshore Services and Seascape Surveys, and now operates as a unified single force across markets, offering Oil Majors a comprehensive range of subsea solutions through a highly competent technical and operational workforce with bases in Thailand, Indonesia, Singapore, Qatar, United Arab Emirates and Saudi Arabia.
Chalermchai Mahagitsiri, CEO of Mermaid Maritime said, “The recent news that Saudi Aramco is planning to increase investment over the next decade to keep oil production steady and double gas production bodes well for the Group as we already have established operations in Saudi Arabia. We are also the key subsea service provider to Saudi Aramco through our 5+2 year inspection, repair and maintenance services contract. We will continue optimizing our
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