Arab Energy Fund plans to submit a non-binding offer for 20% of Maridive

The Arab Energy Fund wants a fifth of Maridive. Riyadh-based Arab Energy Fund, the multilateral institution previously known as the Arab Petroleum Investments Corporation, plans to submit a non-binding offer for 20% of EGX-listed offshore services group Maridive & Oil Services at a preliminary USD 0.65-0.72 per share, according to a bourse disclosure (pdf). The offer is still subject to due diligence and regulatory and internal approvals.

At a premium: The bottom of the range is a 32.3% premium to Maridive’s three-month average close of USD 0.49, while the top marks a 46.5% premium. Against the six-month average of USD 0.46, the range runs 42-57.3%, the offeror said.

The clock, if the board says yes: Maridive’s board meets next week to weigh the terms. If the fund is granted access, Maridive has five business days to open its books, followed by up to 60 business days of due diligence before there’s a real read on whether this becomes a binding offer.

The bid comes as Maridive’s numbers move the right way. The company posted consolidated net income of USD 23.2 mn in 1Q 2026, up 29% y-o-y from USD 18 mn, according to a reviewed financial disclosure filed with the EGX.

Market Reax: Maridive’s stock rose 4.6% yesterday to close at USD 0.68.

About the target company

Founded in Port Said in 1978, Maridive claims to be the largest offshore marine and oil-support services company in Egypt and the largest regionally by fleet size, with over 65 marine units, according to its website. The group operates through three subsidiaries: Maridive Offshore Projects, with offices in Saudi Arabia and the UAE, handling large-scale offshore work including diving, pipelaying, subsea construction, and survey; Maritide, wholly owned since Maridive bought out former JV partner Tidewater Marine in 2001; and Ocean Marine, its UAE-incorporated offshore support vessel arm.

ICYMI- Maridive Offshore Projects landed a 15-year, USD 10.2 mn-a-year maintenance and production-support contract in Qatar’s petroleum sector in December, with operations set to begin in 1Q 2028. A long-dated FCY revenue stream of this kind likely factors into the Arab Energy Fund’s due diligence.

Maridive is one of only eight EGX-listed names that trade in USD, a group that includes Golden Pyramids Plaza, NileSat, Valmore Holding, Naeem Holding, Concrete Fashion Group, Egyptian Gulf Bank, and Faisal Islamic Bank of Egypt, and set to grow as state petroleum names Enppi, PMS, and Elab move from temporary to main-board listings.