Cairo - Mubasher: Maridive & Oil Services said that the initial talks for the sale of its subsidiary Maridive Offshore Projects to Al Subeai Investment Group have ended without reaching a satisfactory agreement, according to a bourse disclosure on Tuesday. 

In February, the board of directors of Maridive gave an initial nod for an acquisition offer for 100% of its subsidiary Maridive Offshore Projects for $48 million.

During the first quarter (Q1) of 2021, Maridive & Oil Services reported net losses of $19.8 million, down from $28.3 million in Q1-20.