Mermaid Maritime Public Co. Ltd

What Mermaid Maritime Public Co. Ltd does

Mermaid Maritime Public Company Limited is a Thailand-headquartered (Bangkok, Pathum Wan) subsea and offshore drilling services provider founded in 1983 and publicly traded on the SGX (DU4) and OTCMKTS (MMMPF). The company serves major international and national oil and gas companies with a portfolio of offshore services including subsea diving, remotely operated vehicle (ROV) operations, vessel supply, offshore transport and installation, installation repair and maintenance, decommissioning, and pipeline projects. Mermaid operates through wholly-owned and joint venture subsidiaries across the Middle East (UAE), Southeast Asia (Thailand, Brunei, Taiwan, Singapore), and West Africa (Equatorial Guinea), delivering services via a fleet of offshore support vessels and skilled subsea personnel.

The company's revenue model is built on professional services and managed services contracts, with quote-based pricing that is not publicly disclosed. Its core technology centers on subsea intervention capabilities and offshore support vessel (OSV) operations, with the most recent asset addition being the reactivation of the Mermaid Commander vessel (to be renamed DS Mermaid Commander) through a Singapore-based joint venture with DS Global Offshore Engineering. Distribution is direct enterprise sales to oil and gas majors, supplemented by a strategic JV template that pairs Mermaid's technical capabilities with local partners and national oil companies to access regional offshore basins.

In FY2025, Mermaid generated US$496.29M in revenue (down 5.5% from US$525.27M in 2024) and US$7.35M in operating profit (down 48.1%), while materially strengthening its balance sheet with working capital rising to US$99M from US$1M via share issuance and refinancing. The company employs 501-1,000 people and serves the global offshore energy sector across the Middle East, West Africa, North Sea, and Southeast Asia, with the global subsea services market projected to reach USD 27.97B by 2034 from USD 15.56B in 2024 at a 6.04% CAGR.

Name

Mermaid Maritime Public Co. Ltd

Legal name

Mermaid Maritime Public Company Limited

Website

https://mermaid-maritime.com

Company type

Public

Founded year

1983

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Mermaid Maritime is a Thailand-headquartered subsea and offshore drilling services provider serving oil and gas majors globally through vessel operations, diving, ROV services, installation, maintenance, decommissioning, and pipeline projects, with joint ventures across Southeast Asia, the Middle East, and West Africa.

Ownership category

akta.pro rank

Product category

Offshore Subsea Services

NAICS

Ship Building and Repairing (336611), Support Activities for Water Transportation (4883), Other Support Activities for Water Transportation (48839)

SIC

Ship & Boat Building & Repairing (3730), Oil & Gas Field Machinery & Equipment (3533)

akta.pro primary industry

Offshore Marine & Aviation Support (PSVs, AHTS, Crew Boats, Helicopters) (EUALABAJ)

akta.pro secondary industries

Underwater Inspection, Maintenance & Repair (UWILD, Diving/ROV, In-water Cleaning) (IMAJAFAJ), Underwater Hull Inspection, Cleaning & Propeller Services (TLAKAKAJ), Offshore Support & Marine Logistics Vessel Operators (PSV/AHTS) (TLADABAL)

Keywords

• Subsea diving services
• Offshore vessel operations
• ROV inspection services
• Offshore installation maintenance
• Subsea engineering services

Headquarters

HQ city

Pathum Wan

HQ country

Thailand

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations

Revenue model

1. Subsea Services: Provides subsea and offshore drilling services to oil and gas companies globally, including diving, ROV services, vessel supply, installation, repair and maintenance, decommissioning, and pipeline projects.
2. Offshore Support Vessel Operations: Commercial deployment of offshore support vessels (OSV) including the Mermaid Commander (to be renamed DS Mermaid Commander) through joint venture arrangements.

Go-to-market motion1 record

Distribution channels1 record

Core offering

Mermaid Maritime provides subsea and offshore drilling services to oil and gas companies globally, including diving services, ROV (Remotely Operated Vehicle) operations, vessel supply, installation, repair and maintenance, decommissioning, and pipeline projects. The company operates a fleet of offshore support vessels and delivers services through wholly-owned subsidiaries and joint venture arrangements in Southeast Asia, the Middle East, West Africa, and the North Sea.

Product overview

Mermaid Maritime Public Company Limited is a Thailand-headquartered subsea and offshore drilling services company offering a portfolio of offshore support vessels and subsea services. The company operates through joint ventures in multiple regions (Singapore, Brunei, Equatorial Guinea) providing offshore transport and installation, diving, ROV services, vessel supply, installation repair and maintenance, decommissioning, and pipeline project services to oil and gas majors. Key assets include the offshore support vessel DS Mermaid Commander (reactivated through a 50-50 JV with DS Global Offshore Engineering Singapore). The company serves the offshore energy sector across the Middle East, West Africa, North Sea, and Southeast Asia.

Differentiator

Problem solved

Functional benefit

Products and services

• Subsea Diving Services Professional subsea diving services delivered to offshore oil and gas operators for inspection, intervention, and underwater operations.
• ROV Services Remotely Operated Vehicle (ROV) services for subsea inspection, intervention, and operations supporting offshore oil and gas infrastructure.
• Offshore Support Vessel Supply Supply and deployment of offshore support vessels to oil and gas operators for logistical and operational support of offshore energy activities.
• Offshore Transport and Installation Services Transportation and installation services for offshore energy infrastructure delivered to oil and gas companies operating offshore.
• Installation, Repair and Maintenance Services Maintenance and repair services for offshore installations supporting continuous operations of oil and gas infrastructure.
• Decommissioning Services Decommissioning services for end-of-life offshore oil and gas facilities, including safe removal and disposal of offshore structures.
• Pipeline Project Services Pipeline installation and project services for offshore energy operations, including subsea pipeline laying and support work.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• DS Global Offshore Engineering SingaporecoreStrategic or Co-development Partner · 5 June 2026Joint venture agreement established to reactivate the offshore support vessel Mermaid Commander. DS Mermaid Pte. Ltd. is co-owned 50-50 between Mermaid Subsea Services (Thailand) and DS Global. DS Global is responsible for and funds the repair and reactivation work. Upon completion, the vessel will be renamed DS Mermaid Commander and deployed commercially.
• Serikandi Mermaid SDN BHDcoreStrategic or Co-development Partner · 27 April 2026New joint venture in Brunei with each partner holding 50% stake. Focuses on offshore transport and installation, installation repair and maintenance, decommissioning, and pipeline projects in Brunei. Funded from Mermaid's internal resources. Represents continued global growth strategy following similar JVs in Taiwan (August 2025) and Equatorial Guinea.
• GEPetrol S.A (Equatorial Guinea National Oil Company)coreStrategic or Co-development Partner · 14 November 2025Joint venture MERMAID EG S.A established to provide offshore services including diving, vessel supply, and ROV services to oil & gas majors in Equatorial Guinea. Ownership: 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. Funded from internal resources.
• Alogo Law Firm S.L.minorOthers · 14 November 2025Holds 5% stake in MERMAID EG S.A as a proxy for GEPetrol (Equatorial Guinea National Oil Company).
• Taiwan Joint Venture PartnercoreStrategic or Co-development Partner · 1 August 2025Joint venture established in Taiwan in August 2025, representing part of the company's continued global growth strategy in the offshore services market.

Scale indicators5 records

Recent moves5 records

Expansion highlights4 records

Market position

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mermaid Maritime Public Co. Ltd