Mermaid Maritime Public Company Limited, a subsea and offshore drilling services company headquartered in Thailand, and Marine Platforms, a Nigerian offshore maritime company, have floated a joint venture christened Mermaid Subsea Services Limited.

The company's shareholding is 49: 51 between Mermaid Subsea Oil and Gas and Marine Platforms Limited, respectively, and it will target subsea oil and gas projects in Nigeria while meeting local content and regulatory requirements.

According to Mermaid Maritime, the primary activity of the Joint Venture in Nigeria is to enable direct operational engagement with TotalEnergies Nigeria and other O&G majors while meeting all local content, regulatory, and contracting requirements.

MPL is a leading indigenous Nigerian oilfield services company established in 2001. The company is an integrated oil and gas services company providing subsea EPIC

development and solutions, as well as ROV support services, well services, and vessel chartering. As a Nigerian-owned company with extensive local operational experience, MPL is well positioned to provide local market knowledge, regulatory support, and operational capabilities for projects within Nigeria.

Mermaid Subsea Oil and Gas Services DMCEST is a direct wholly owned subsidiary of the Company with specialization in the field of subsea services. The investment is funded from internal resources and the transaction is not expected to have any material impact on the net tangible assets and earnings per share of the Company for the current financial year. None of the directors or substantial shareholders of the Company has any interest, whether directly or indirectly, in the above save for their directorships and shareholdings (if any) in the Company