Mermaid Maritime has incorporated an indirect wholly owned subsidiary – Mermaid Subsea Services in the United Kingdom (MSS UK) on 7 February 2020.
The Singapore-listed company said it intends to utilize MSS UK as a vehicle to expand the provision of its subsea and related services into the North Sea sector.
MSS UK IS is funded using internal resources, however, Mermaid, who is yet to release its quarterly earnings, added that the incorporation of MSS UK is not expected to have any material impact on the net tangible assets per share and earnings per share.
To remind, Mermaid reported net loss of $6.4 million for the three-month period ended September 30, 2019.