Thailand-headquartered subsea services provider Mermaid Maritime has launched a joint venture business with a Vietnamese partner. The purpose is to deliver offshore services in Vietnam.

The JV company was established by Mermaid Subsea Services (Thailand). This firm holds 50%, and Tan Cang Offshore Services Joint Stock Company (TCO), is the other shareholder.

The primary activities of Tan Cang Mermaid Sub-sea Services Company Limited include offshore subsea services. Also, ROV services, vessel chartering, and transportation and installation support services.

According to Mermaid Maritime, the investment is financed from internal resources. The transaction is not expected to have any material impact on the company’s net tangible assets. Also, earnings per share for the ongoing financial year.

TOC, founded in March 2012, provides offshore vessel chartering. Not just that but also ROV services, ocean towage and salvage, dredging, subsea services, transportation, and installation services. Last but not least offshore asset decommissioning. The company’s primary activity is oil-related services and port exploitation.