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

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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OTC Brasil

The conference is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum…

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Europort 2019

Europort, organised in the world port city of Rotterdam, will be the leading exhibition for special purpose vessels…

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