Egypt-listed Maridive and Oil Services S.A.E. (CASE:MOIL), an offshore oil services group, announced that its subsidiary, Ocean Marine UAE, is finalising a deal to sell a $40mn (?36.7mn) marine unit to an undisclosed entity to settle part of a $45.5 million debt to banks, according to a statement posted on the bourse's website on January 21, 2024. Maridive owns 51% of Ocean Marine UAE, which specialises in offshore support vessels, providing commercial activities and maritime services. The recent deal comes in line with Maridive Group's "extended efforts to restructure the company and subsidiaries' debts position to improve company current and future cash flow".

Maridive was established in 1978 in Port Said as a Free Zone joint stock company, according to the company's website. The services company has an integrated business model which covers the whole value chain of marine services, providing a wide range of offshore services.