Mermaid said a group of financial institutions picked up Clough’s 15,897,385 shares, while the two companies would still maintain a joint venture focused on shallow-water pipelay projects on the North West Shelf.

Clough made $5.35 million from its sale of Mermaid shares.

Mermaid’s clients include major oil and gas firms, as well as the engineering, contracting and service entities, which support exploration, survey, construction and production activities.

The company’s areas of operation include the North-West Shelf and Burrup Peninsula in Western Australia, as well as the Northern Territory, Bass Strait and wider Australian waters.

Mermaid said its relationship with Clough remained strong and it would continue to support its offshore projects where needed.

“Recent successes in winning large vessel support contracts with the major oil and gas producers on the North West Shelf, together with dedicated long term arrangements at the supply bases, provides a strong base on which to support our more traditional construction support activities,” Mermaid said.