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Mermaid Maritime Expands into US Offshore Market; Shares Down 5%

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Mermaid Maritime (SGX:DU4) has established a new subsidiary in Delaware, expanding its presence into the US offshore energy market, according to a Wednesday filing with the Singapore Exchange.

Shares of the subsea engineering and offshore marine services provider fell nearly 5% in recent trade.

The company said the new entity will serve as its primary operational and contracting platform, with a focus on the Gulf of America region.

The move will allow the company to engage with key operators, contractors and strategic partners to participate in tenders and diversify its geographic revenue base.

Initial incorporation and business development setup costs will be funded through internal resources.

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