Mermaid, a marine contractor based in Singapore, has expanded its operations in Nigeria by acquiring 49% of Mermaid Subsea Services through its wholly-owned subsidiary, Mermaid Subsea Oil and Gas Services. Marine Platforms retains the remaining 51% and is a partner in this collaboration.
Goals of the new collaboration
Mermaid has stated that this new company will enable them to interact directly with TotalEnergies Nigeria and other operators, as well as respond to local content requirements, regulations, and contracts in Nigeria. However, no contracts have been announced alongside the establishment of this collaboration.
Background and capabilities of Marine Platforms
Marine Platforms, established in 2001, provides subsea engineering services, ROV support, well services, and vessel charters. The company operates with over 300 employees, five OIMR vessels, and 13 underwater robots (ROVs). This collaboration allows Mermaid to increase its operational scope in the Nigerian market.
Mermaid's actions in Nigeria are part of a series of measures the company is taking to expand its geographical reach. In August 2023, Mermaid established a subsidiary in Delaware to serve as a platform for pursuing offshore oil and gas activities, subsea operations, and decommissioning in the Gulf of America.
Implications of the collaboration in Nigeria
This new collaboration could have significant impacts on the subsea market in Nigeria and international oil and gas interactions in the country. Given that Nigeria is one of the largest oil producers in Africa, Mermaid's expansion in this market could help create jobs and increase foreign investments in the country. Additionally, collaboration with TotalEnergies and other local operators could enable Mermaid to participate in larger and more complex subsea projects.
Read more: Lamprell and Larsen & Toubro sign EPCI project contract in the UAE · Establishment of Mermaid Subsea joint venture in Nigeria with TotalEnergies participation
