Mermaid Loss Widens

Mermaid Maritime, a provider of subsea and drilling services to the offshore oil and gas industry, has reported net loss of $6.4 million for the three-month period ended September 30, 2019.

This result compares with loss of some $1.9 million in the corresponding period in 2018.

The Singapore-listed company generated quarterly revenue of $27 million, versus $30 million in Q3 2018 – down almost 10 percent.

Subsea group reported service income in Q3 2019 of $27 million, a decrease of $2.5 million compared to Q3 2018. A decrease was primarily due to a lower utilization of vessels.

Subsea division reported loss before finance costs and income tax expense in Q3 2019 of $6.4 million

Quarter-over-quarter revenues increased some $2.1 million, however the net loss widened by some $500K.

Subsea World News Staff

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