Bangkok: Mermaid Subsea Services (MSS), part of Thailand’s Mermaid Maritime Public Company, has increased its shareholding interest in Subtech Saudi Arabia from 70% to 95%.
This consolidation took the form of an acquisition by MSS of 30% of the shares in Subtech Saudi Arabia from General Technology & Systems (Gentas) followed by the sale of 5% of the said shares by MSS to a local partner, Integrated Trading Services (ITS).
The aggregate consideration to Gentas is $300,000 and was paid as part of an advance payment made to Gentas. The sale to ITS was made on a pro-rated consideration basis.
Subtech Saudi Arabia is now in the process of being renamed Mermaid Subsea Services (Saudi Arabia) Ltd. Subtech Saudi Arabia provides subsea engineering services to the offshore oil and gas industry. [09/10/14]