Mermaid Sees Red as Revenues Cut in Half

Mermaid Maritime, a provider of subsea and drilling services to the offshore oil and gas industry, has reported net loss of $7.7 million for the three-month period ended June 30, 2018.

This result compares with quarterly profit of some $3.6 million in the corresponding period in 2017.

The Singapore-listed company generated revenue of $21.5 million, versus $44.5 million same time last year. According to Mermaid, a 52 percent year-over-year drop in revenues was mainly due to lower fleet utilization and dry docking of its two performing vessels.

The revenues were only generated by the company’s subsea division.

Quarterly vessel utilization increased to 33 percent, compared to 25 percent sequentially, but decreased from 42 percent same time last year.

For the first six months of 2018, Mermaid recognized loss of close to $14 million, versus profit of $4.3 million on revenues drop of 51 percent.

Subsea World News Staff