Mermaid Profit Down over 50%

Mermaid Maritime, a provider of subsea and drilling services to the offshore oil and gas industry, has reported profit of $3.6 million for the three-month period ended June 30, 2017.

This result compares with quarterly profit of some $7.8 million in the corresponding period in 2016 (close to 54% decline). Profit for the first half of 2017 declined over 50 percent from $9 million in 1H 2016 to $4.4 million.

The Singapore-listed company generated revenue of $44.5 million versus $49.6 million same time last year. According to Mermaid, around 10 percent year-over-year drop in revenues was mainly due to no active cable lay projects. First-half revenues were down some 9 percent at $81 million.

Subsea fleet utilisation for the quarter was down 3 percent from 45 percent same time last year, mainly a result of chartered-in vessels utilization decreasing.

At the end of the first quarter 2017 Mermaid’s order book stood at $108 million. The company’s cash balance stood at $66.8 million.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Sep 2017 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

SUBSEA POWER CABLES

2-day seminar covering best practice and emerging technologies for cost-efficient subsea cable projects from conception to installation…

read more >

EEMUA subsea engineering course: materials selection and corrosion control

This two and a half day training course is recommended for both discipline and project focused engineers from a variety of backgrounds…

read more >

FUTURE OIL & GAS

Join senior executives from oil and gas majors, service companies, technology suppliers and industry experts at this year’s premier event…

read more >

Kuwait Oil & Gas Show

Kuwait Oil & Gas Show is the Kuwait International Fair Ground in Kuwait City, Kuwait. This event showcases product from Chemicals & Dyes, Electronics & Electrical Goods, Hand, Machine & Garden Tools, Petroleum, Oil & Gas, Power & Renewable Energy industries. More info

read more >