BANGKOK, Thailand – Mermaid Subsea Services (International) has increased its interest in Subtech Saudi Arabia from 70% to 95%.
This follows the acquisition of 30% of the shares held by General Technology & Systems Co. and the subsequent sale of 5% to local company Integrated Trading Services Establishment.
Subtech Saudi Arabia will be renamed Mermaid Subsea Services (Saudi Arabia).
Mermaid Subsea Services, itself a subsidiary of Mermaid Maritime, is the new name for the group’s subsea operation, combining Subtech, Mermaid Offshore Services and Seascape Surveys, with bases in Thailand, Indonesia, Singapore, Qatar, UAE, and Saudi Arabia.
Chalermchai Mahagitsiri, CEO of Mermaid Maritime, said: “The recent news that Saudi Aramco is planning to increase investment over the next decade to keep oil production steady and double gas production bodes well for the group as we already have established operations in Saudi Arabia.
“We are also the key subsea service provider to Saudi Aramco through our five plus two-year inspection, repair, and maintenance services contract.”