Mermaid Slips to Loss

Mermaid Maritime, a provider of subsea and drilling services to the offshore oil and gas industry, has reported net loss of $27.3 million for the twelve-month period ended December 31, 2018.

This result compares with profit of some $4.2 million for the twelve months period in 2017.

The Singapore-listed company generated revenue of $98 million, versus $148 million in 2017 – down almost 34 percent.

Subsea group reported service income in 2018 of $94.8 million, a decrease of $49.9 million compared to 2017. A decrease was primarily due to a lower utilization of owned vessels and chartered-in vessels.

Subsea division reported loss before finance costs and income tax expense in 2018 of $29.2 million

“In a bid to achieve increased vessel utilization, Mermaid has again adjusted itself to current market pricing regimes and has been forced to trade-down its vessels rates to secure work

“Mermaid is focusing its efforts on offering a wider range of integrated subsea services and increasing its fleet capability by venturing into new markets like the Mediterranean, North Sea, West Africa and the Americas,” the company said in its quarterly earnings report.

Subsea World News Staff