Mermaid Maritime forms joint venture with Marine Platforms Limited
Type: Partnership · Technology: Oil Gas · Country: Nigeria · Announced: 2026-09-28
Mermaid Maritime announced the formation of a joint venture, Mermaid Subsea Services Limited, with Marine Platforms Limited on 28 September 2026. The new company will be 49% owned by Mermaid Subsea Oil and Gas Services, a wholly owned subsidiary of Mermaid Maritime, and 51% owned by Marine Platforms Limited, with paid-up capital of 100 million naira (about $72,000). The venture is established to pursue subsea work for TotalEnergies Nigeria and other oil and gas operators in Nigeria and to meet Nigerian local content and regulatory contracting requirements. Marine Platforms, founded in 2001, provides subsea engineering, procurement, installation and construction services plus ROV support, well services and vessel chartering, while Mermaid Subsea Oil and Gas Services specialises in subsea services. Mermaid Maritime will fund its 49% investment from internal resources and said the transaction is not expected to have a material impact on its net tangible assets or earnings per share for the current financial year.
Analysis
Mermaid Maritime formed a joint venture called Mermaid Subsea Services Limited with Marine Platforms Limited on 28 September 2026, with 49% owned by Mermaid Subsea Oil and Gas Services and 51% by Marine Platforms, and a paid‑up capital of 100 million naira (about $72,000). Marine Platforms Limited, founded in 2001, provides subsea engineering, procurement, installation and construction services, ROV support, well services and vessel chartering in Nigeria. Mermaid Subsea Oil and Gas Services is a wholly‑owned subsidiary of Mermaid Maritime that specialises in subsea services. Mermaid Maritime will fund its 49% equity contribution from internal resources and said the transaction is not expected to have a material impact on its net tangible assets or earnings per share for the current financial year.
Key points
- Joint venture announced on 28 September 2026
- Ownership split: 49% Mermaid Subsea Oil and Gas Services, 51% Marine Platforms Limited
- Paid‑up capital of 100 million naira (~$72,000)
- Marine Platforms founded in 2001
- Mermaid Maritime to fund its stake from internal resources
Counterparties
- Marine Platforms Limited (Partner)
- Mermaid Maritime (Parent Company)
- Mermaid Subsea Oil and Gas Services (Partner)
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