Mermaid Maritime Public Company Limited has established a 50/50 joint venture in Brunei with local partner Serikandi Oilfield Services Sdn Bhd, the company announced on Apr, 27 2026.

The new company, Serikandi Mermaid Sdn Bhd, has an issued and paid-up capital of about 0.4 million US dollars. Mermaid Subsea Services (Thailand) Ltd., a wholly owned subsidiary of Mermaid Maritime, will own 50%, while Serikandi Oilfield Services will hold the remaining 50%.

The venture will provide offshore transportation and installation, inspection repair and maintenance, decommissioning and pipeline services in Brunei’s energy sector.

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

The company added that none of its directors or substantial shareholders has any interest in the transaction other than their existing roles and shareholdings in the firm.