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Mermaid Maritime’s subsidiary, Mermaid Subsea Services, has increased its shareholding interest in Subtech Saudi Arabia Ltd. from 70% to 95%.
The group increased its stake in Subtech Saudi Arabia to 95% through acquisition of previous co-shareholder General Technology & Systems Co. Ltd. with the remaining 5% held by local interests represented by Integrated Trading Services Establishment.
The value of the new 25% of shares was $250,000, with the move expected to be rubber-stamped at the end of October.
As part of the initiative, Subtech Saudi Arabia will be renamed as Mermaid Subsea Services (Saudi Arabia) Ltd.
The group’s move to increase its business presence in Saudi Arabia comes soon after the world’s biggest oil producer, state-owned Saudi Aramco, announced its plans to increase investment over the next decade to keep oil production capacity steady, while doubling gas production.
“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,” Chalermchai Mahagitsiri, CEO of Mermaid Maritime, said.
