Mermaid forms Saudi subsea alliance

Mermaid Maritime subsidiary Subtech has entered a joint venture agreement with General Technologies & Systems (Gentas) to provide diving and offshore marine services the oil and gas sector in Saudi Arabia.

Offshore staff

BANGKOK -- Mermaid Maritime subsidiary Subtech has entered a joint venture agreement with General Technologies & Systems (Gentas) to provide diving and offshore marine services the oil and gas sector in Saudi Arabia.

The new venture, named Subtech Saudi Arabia, will be based in Al Khobar and will be 70% owned by Subtech and 30% by Gentas, a subsidiary of Shoaibi Group and Saudi Trading & Research Co.

Mermaid says the agreement forms another step in its strategy of expanding its presence and business in the Middle East and Persian Gulf.

Subtech Saudi Arabia will be able to draw on a range of diving and subsea offshore services, including diving intervention (air and saturation) for inshore and offshore operations, salvage services, and subsea installations, repairs, inspection, and maintenance.

Through Subtech and Mermaid Offshore Services, it will also provide saturation diving systems, ROVs, and DP dive support vessels.

Subtech is an International Marine Contractors Association-approved contractor, certified by all major classification societies.

11/12/2010

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