Mermaid Sees Red as Revenues Cut in Half

Mermaid Asiana was dry docked during APR – MAY and no Chartered-in vessel working in this quarter resulted in Net Loss in Q2 2018.

Mermaid Maritime, a provider of subsea and drilling services to the offshore oil and gas industry, has reported net loss of $7.7 million for the three-month period ended June 30, 2018.

This result compares with quarterly profit of some $3.6 million in the corresponding period in 2017.

The Singapore-listed company generated revenue of $21.5 million, versus $44.5 million same time last year. According to Mermaid, a 52 percent year-over-year drop in revenues was mainly due to lower fleet utilization and dry docking of its two performing vessels.

The revenues were only generated by the company’s subsea division.

Quarterly vessel utilization increased to 33 percent, compared to 25 percent sequentially, but decreased from 42 percent same time last year.

For the first six months of 2018, Mermaid recognized loss of close to $14 million, versus profit of $4.3 million on revenues drop of 51 percent.

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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Europort 2019

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