Mermaid
Mermaid Maritime is a Singapore-listed subsea services company headquartered in Bangkok that delivers turnkey diving, ROV, IRM, and cable lay solutions to oil and gas majors across the Middle East, Africa, Asia Pacific, and the North Sea using a fleet of 6+ subsea vessels and 11+ ROVs.
- Company typePublic
- Founded1988
- HeadquartersBangkok, Thailand
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What Mermaid does
Mermaid Maritime Public Company Limited is a Bangkok-headquartered, Singapore-listed (SGX: MERMAID) subsea services company that delivers full turnkey offshore solutions to oil and gas majors. Its operating model centers on a fleet of 6+1 subsea vessels (held through a 50% interest in Millennium 3 Ship Management and Operations DMCCO), 11+3 remotely operated vehicles (50%-held via ZeaQuest Co., Ltd.), and 3 saturation plus 14 air diving systems, crewed by 500+ divers, technicians, and support staff.
The company's service portfolio covers four core lines: subsea vessels, diving and ROV operations, cable and flexible lay, and survey services, bundled into inspection, repair and maintenance (IRM), well plug and abandonment, decommissioning, and subsea intervention work. Mermaid monetizes through project-based and term contracts with oil and gas majors in the Middle East, Africa, Asia Pacific/Southeast Asia, and the United Kingdom (North Sea), delivering services at customer offshore locations via owned and chartered vessels. Subsidiaries include Mermaid Subsea Services (Thailand) and Mermaid Subsea Services (UK, Aberdeen), with joint ventures in Singapore (DS Global Offshore Engineering), Equatorial Guinea (GEPetrol), and Brunei.
Mermaid is a constituent of the Thoresen Thai Agencies group, which holds ~49.53% of outstanding shares. The business is governed by Thai public company law and SGX listing rules. Beyond traditional oil and gas IRM, the UK arm is positioning into renewables and decommissioning, and a ZeaQuest joint venture with ARV signals exploratory moves into AI and robotics for subsea work.
Mermaid firmographics
Firmographics- Name
- Mermaid
- Legal name
- Mermaid Maritime Public Company Limited
- Website
- https://mermaid-group.com
- Company type
- Public
- Founded year
- 1988
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Mermaid Maritime is a Singapore-listed subsea services company headquartered in Bangkok that delivers turnkey diving, ROV, IRM, and cable lay solutions to oil and gas majors across the Middle East, Africa, Asia Pacific, and the North Sea using a fleet of 6+ subsea vessels and 11+ ROVs.
- Ownership category
- akta.pro rank
Mermaid industry classification
Industry- Product category
- Offshore Subsea Services
- NAICS
- Ship Building and Repairing (336611)
- SIC
- Ship & Boat Building & Repairing (3730)
- akta.pro primary industry
- Underwater Inspection, Maintenance & Repair (UWILD, Diving/ROV, In-water Cleaning) (IMAJAFAJ)
- akta.pro secondary industry
- Offshore Marine & Aviation Support (PSVs, AHTS, Crew Boats, Helicopters) (EUALABAJ)
Keywords
Where Mermaid is headquartered
LocationHeadquarters
- HQ city
- Bangkok
- HQ country
- Thailand
- HQ region
- Asia
Offices3 records
Markets served
Mermaid business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Subsea Services: Full turnkey subsea services to oil and gas majors including inspection, installation, repair and maintenance (IRM), diving services, ROV operations, and cable/flexible lay services. Revenue generated through long-term contracts and project-based engagements.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Mermaid product offering
Product offeringCore offering
Mermaid Maritime delivers full turnkey offshore subsea services to oil and gas majors operating offshore. The portfolio covers inspection, installation, repair and maintenance (IRM), saturation and air diving, remotely operated vehicle (ROV) operations, submarine cable and flexible lay, and survey work, executed through a fleet of 6+1 subsea vessels, 11+3 ROVs and 3+14 diving systems across the Middle East, Africa, Asia Pacific/Southeast Asia and the UK/North Sea.
Product overview
Mermaid Maritime is a leading international subsea services company providing full turnkey services to oil and gas majors operating offshore. The company operates a fleet of 6+1 subsea vessels and 11+3 ROVs with 500+ skilled personnel. Its portfolio includes core services organized around Subsea Vessels, Diving/ROV, Cable/Flexible Lay, and Survey offerings. Services encompass inspection, repair and maintenance (IRM), well plug & abandonment, decommissioning, and saturation/air diving operations. The company maintains global presence through subsidiaries in Thailand and UK, and joint ventures in Singapore and Equatorial Guinea.
Differentiator
Problem solved
Functional benefit
Brands
- Mermaid Subsea Services: Subsea services brand providing IRM, diving, ROV, and survey services
- ZeaQuest
- Mermaid Subsea Services UK
Products and services
- Subsea Vessels
Companies that use Mermaid
Customer profileNamed customers2 records
Segments5 records
Ideal customer profiles1 record
Mermaid technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Mermaid partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- DS Global Offshore Engineering SingaporecoreJoint venture established in Singapore for the reactivation and commercial development of offshore support vessel Mermaid Commander. Mermaid holds through Mermaid Subsea Services (Thailand), with DS Global responsible for repair and reactivation works. Vessel will be renamed DS Mermaid Commander upon completion.
- GEPetrol S.A.coreJoint venture MERMAID EG S.A. established in Equatorial Guinea with the country's national oil company. Mermaid Subsea Oil and Gas Services DMCEST (UAE) holds 50%, GEPetrol holds 45%, and Alogo Law Firm S.L. holds 5% as proxy for GEPetrol. JV provides offshore services including diving, vessel supply, and ROV services to oil & gas majors.
- Alogo Law Firm S.L.minorHolds 5% stake as proxy for GEPetrol in MERMAID EG S.A. joint venture in Equatorial Guinea.
- Island Offshore ManagementcoreOwner of 93-meter subsea support vessel Island Valiant. Mermaid Subsea Services (UK) operates the vessel under extended contract for North Sea well plug & abandonment and inspection, repair & maintenance campaigns.
- Millennium 3 Ship Management and Operations DMCCOcore50% ownership partnership for subsea vessel operations through Millennium 3 Ship Management.
- ZeaQuest Co., Ltd.core50% ownership partnership for ROV operations through ZeaQuest Co., Ltd., providing AI and robotics technology for subsea services.
- ARVcoreJoint venture ZeaQuest established for AI and robotics technology in subsea services.
Scale indicators6 records
Recent moves7 records
Expansion highlights6 records
Mermaid competitors and assessment
Company assessmentDirect peers
- Subsea 7: Subsea 7 is a global leader in subsea IRM, diving, ROV operations, and cable/flexible lay for oil and gas majors — the most direct comparable to Mermaid's core service offering.
- ROVOP: ROVOP is an ROV operations specialist supplying pilots, tools and vehicles to offshore energy — directly comparable to Mermaid's 11+3 ROV fleet and ZeaQuest AI/robotics JV strategy.
- Bourbon (offshore services): Bourbon provides offshore support vessels and subsea services to oil and gas operators, comparable in its fleet-based offshore service delivery model.
- Fugro: Fugro provides offshore site investigation, geotechnical and survey services directly comparable to Mermaid's Seascape Surveys subsidiary and broader survey offering.
- DOF Subsea: DOF Subsea operates subsea IMR vessels, ROVs and diving spread similar to Mermaid, serving oil and gas majors globally on inspection, repair and maintenance contracts.
- DeepOcean: DeepOcean delivers subsea IMR, survey, trenching and cable lay services to the offshore oil & gas and renewables industries, closely mirroring Mermaid's service portfolio with a North Sea stronghold.
- Helix Energy Solutions Group: Helix provides subsea well intervention, ROV services and decommissioning support, overlapping directly with Mermaid's IRM and well plug & abandonment work in the North Sea.
Broad incumbents
- McDermott International: McDermott delivers offshore engineering, procurement, construction and subsea installation services to E&P operators, intersecting with Mermaid on subsea T&I and decommissioning scopes.
- Saipem: Saipem is a much larger offshore EPCI and subsea services contractor; overlapping in subsea pipelay and IRM but operating across a far broader portfolio of services and geographies.
- TechnipFMC: TechnipFMC provides integrated subsea engineering, manufacturing and services for oil and gas majors, overlapping with Mermaid on subsea intervention and ROV-adjacent services.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key highlights6 records
Customer concentration
Mermaid social profiles
Digital presenceMermaid financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mermaid leadership team
Management profileNumber of profiles
Profiles10 records
Mermaid subsidiaries and ownership
Company hierarchySubsidiaries10 records
Mermaid funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mermaid M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mermaid
What does Mermaid do?
Mermaid Maritime delivers full turnkey offshore subsea services to oil and gas majors operating offshore. The portfolio covers inspection, installation, repair and maintenance (IRM), saturation and air diving, remotely operated vehicle (ROV) operations, submarine cable and flexible lay, and survey work, executed through a fleet of 6+1 subsea vessels, 11+3 ROVs and 3+14 diving systems across the Middle East, Africa, Asia Pacific/Southeast Asia and the UK/North Sea.
Is Mermaid a public or private company?
Mermaid is a public company. It is classified as public and is currently operating.
When was Mermaid founded?
Mermaid was founded in 1988. It employs 501 to 1,000 people.
Where is Mermaid based?
Mermaid is headquartered in Bangkok, Thailand, in the Asia region.
How does Mermaid make money?
One revenue line is on record: subsea Services.
Who are Mermaid's main competitors?
Direct peers on record are Subsea 7, ROVOP, Bourbon (offshore services), Fugro, DOF Subsea, DeepOcean and Helix Energy Solutions Group. Broad incumbents are McDermott International, Saipem and TechnipFMC.
Does Mermaid have an API?
No public API is recorded for Mermaid.
What industry is Mermaid in?
Mermaid's product category is Offshore Subsea Services. Its primary akta.pro industry code is IMAJAFAJ, Underwater Inspection, Maintenance & Repair (UWILD, Diving/ROV, In-water Cleaning), with a secondary code of EUALABAJ, Offshore Marine & Aviation Support (PSVs, AHTS, Crew Boats, Helicopters). Its NAICS code is 336611 and its SIC code is 3730.