Mermaid Eyes Positive Outlook Despite Red Numbers

Mermaid Maritime, a provider of subsea and drilling services to the offshore oil and gas industry, has reported net loss of $6.2 million for the three-month period ended March 31, 2018.

This result compares with quarterly profit of some $0.7 million in the corresponding period in 2017.

The Singapore-listed company generated revenue of $20.8 million, versus $38.4 million same time last year. According to Mermaid, a 46 percent year-over-year drop in revenues was mainly due to lower fleet utilization and dry docking of its two performing vessels.

Subsea division generated 50 percent lower quarterly service income of $18 million. Subsea gross loss for the three months ended March 31, 2018 was $4.4 million, compared to gross profit of $4.5 million same time last year.

“Looking further into 2018 the outlook for the offshore industry is dramatically improved. Oil prices are recovering, the industry has significantly restructured, and the “obsession” with shale growth is finally diminishing. At long last an offshore up-cycle is poised to begin.

“We can safely say that the offshore markets are through the bottoming process and an upturn is beginning to unfold. While the upturn may be methodical and somewhat slow in the beginning, better days lie ahead,” Mermaid said in its quarterly earnings report.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< May 2019 >>
MTWTFSS
29 30 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 31 1 2

Global Petroleum Show (GPS)

The Global Petroleum Show Conference is a comprehensive three-day program where…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Decom Offshore 2019

As an established industry event, Decom Offshore 2019 provides delegates with the valuable opportunity to network…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >