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