The joint venture, Mermaid-MOE JV (MMJV), will be 51% held by Mermaid Subsea Services (Thailand) and 49% held by MOE, a unit of PT Meindo Elang Indah (MEINDO), a EPCI contractor in Indonesia.
The partnership will provide Mermaid with access to MEINDO group’s fleet of vessels and other specialist services for both groups to enhance their services to potential projects in the Gulf of Thailand.
“MMJV shall comprise Mermaid’s seasoned Thai personnel having a minimum of 10-20 years of working experience in offshore oil and gas operations and offshore facilities construction in the Gulf of Thailand together with MEINDO’s experienced project personnel,” Mermaid stated.
Last week, Mermaid announced the setting up of another joint venture company with PTT Exploration and Production (PTTEP) to develop robotics and artificial intelligence technology for us in commercial subsea engineering services.
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