Mermaid Maritime Public Company Limited announced the formation of Mermaid EG S.A., a 50:50 joint venture in Equatorial Guinea.

The new entity will provide diving, vessel supply, ROV and related offshore services to oil and gas majors operating in the country. Mermaid’s participation is held through its wholly-owned subsidiary, Mermaid Subsea Oil and Gas Services DMCEST, while GEPetrol S.A., Equatorial Guinea’s national oil company, holds 45%; the remaining 5% is held in proxy by Alogo Law Firm S.L. for GEPetrol.

Mermaid 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. No directors or substantial shareholders of Mermaid have any interest in the transaction beyond their existing roles in the company.

The joint venture was formalised on Nov, 13 2025.