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FINWIRES

Mermaid Maritime Forms Brunei JV in Offshore Services Push

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-- Mermaid Maritime said on Monday it had established a joint venture in Brunei to expand its offshore services footprint in the energy sector.

The venture, known as Serikandi Mermaid, has an issued and paid-up capital of $400,000 and will be jointly owned by Mermaid Subsea Services and Serikandi Oilfield Services of Brunei.

The new entity will focus on offshore transportation and installation, inspection, repair and maintenance, and decommissioning activities, as well as pipeline projects in Brunei's offshore energy sector.

Mermaid said the investment will be funded from internal resources and is not expected to have a material impact on the company's net tangible assets or earnings per share for the current financial year.

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