Mermaid Maritime forms joint venture with ATE Energy

The Taiwan-based JV will focus on energy and offshore activities.

Mermaid Maritime Public Company Limited has formed a joint venture with ATE Energy International Co., Ltd. in Taiwan.

In a bourse filing, Mermaid Maritime said its direct wholly owned subsidiary Mermaid Subsea Services (Thailand) Limited owns 49% of the new entity, MERMATE Co., Ltd. The remaining 51% is held by ATE Energy.

MERMATE has a paid-up capital of $42,000 (NTD 1m) and will primarily focus on energy technical services, cable installation, and offshore construction projects.

The investment is funded from internal resources, and the transaction is not expected to have any material impact on the net tangible assets and earnings per share of Mermaid Maritime for the current financial year.

NTD1 = $0.042