Mermaid Maritime, an international subsea and offshore drilling company, is acquiring a 49 percent stake in Cambodian company PTGC Co, whose primary asset is a plot of land in Phnom Penh, for $19.7 million.

This purchasing sum was calculated on the basis of current market valuation. Mermaid claims the land has potential to be sold at a profit or to be developed into a residential neighbourhood, according to Business Times.

“After taking into consideration other options available for cash management at this present time in this challenging oil and gas industry and the cost and benefits of the acquisition, the board considered that the acquisition is in the best interest of the company,” Mermaid noted in its press release.