Thailand-headquartered offshore and subsea services company Mermaid Maritime Public Company Limited has established a new joint venture in Nigeria with indigenous oilfield services company Marine Platforms Limited (MPL).
The new company, Mermaid Subsea Services Limited, will focus on providing subsea services to Nigeria’s oil and gas industry and pursuing opportunities with TotalEnergies Nigeria and other major operators. The partnership was announced on September 29, 2026.
Under the ownership structure, Mermaid Subsea Oil and Gas Services DMCEST, a wholly owned subsidiary of Mermaid Maritime, will hold a 49 per cent stake, while Marine Platforms will own the remaining 51 per cent.
The structure gives the Nigerian company majority ownership while allowing Mermaid Maritime to bring its international subsea expertise into the Nigerian market. The companies said the arrangement is designed to support direct operational engagement with major oil and gas companies while complying with Nigeria’s local-content, regulatory and contracting requirements.
Marine Platforms, which was established in 2001, provides a range of offshore and subsea services. Its activities include subsea engineering, procurement, installation and construction solutions, remotely operated vehicle (ROV) support, well services and vessel chartering.
Mermaid Maritime specialises in subsea services and offshore operations. Through the new joint venture, the company will gain a local operating structure that can combine its technical capabilities with Marine Platforms’ knowledge of the Nigerian market.
The partnership is particularly significant because Nigeria’s oil and gas industry continues to depend on specialised marine and subsea services for offshore exploration, production, maintenance and related operations.
According to Offshore Energy, the investment in the joint venture will be funded from Mermaid Maritime’s internal resources. The company also stated that the transaction is not expected to have a material impact on its net tangible assets or earnings per share for the current financial year.
The newly established company has an issued and paid-up capital of ₦100 million, according to MarineLink.
For Marine Platforms, the partnership provides access to international technical capabilities and a broader subsea network. For Mermaid Maritime, it creates a locally established platform through which it can pursue Nigerian offshore projects while meeting local participation requirements.
The companies have identified TotalEnergies Nigeria and other oil and gas majors as potential areas of engagement. However, the announcement of the joint venture did not include the award of a specific contract to the new company.
The Nigerian venture is also part of Mermaid Maritime’s wider international expansion. The company has previously established joint ventures in markets including Taiwan, Equatorial Guinea, Brunei and Singapore.
Marine Platforms’ existing operational capabilities could also support the new company’s activities. Reports indicate that the Nigerian company has more than 300 employees, five OIMR vessels and 13 ROVs, giving it an established operational footprint in the country’s offshore sector.
The creation of Mermaid Subsea Services Limited therefore adds another international player to Nigeria’s growing subsea services market and reflects continued interest in the country’s offshore oil and gas opportunities.
