Mermaid Maritime has published its financial results for the year ended December 31, 2025.
Mermaid Maritime posted total revenues of US$496.29 million in 2025 compared to US$525.27 million in the previous year, a decrease of 5.5 per cent.
The company's operating profit in 2025 totalled US$7.35 million, a drop of 48.1 per cent from US$14.172 million in 2024.
Current assets as at December 31, 2025 were US$226.1 million, an increase of US$16.7 million compared to US$209.4 million as at December 31, 2024. This was primarily due to an increase in cash and cash equivalents of US$42.9 million from proceeds received by the group from proceeds from issuance of shares. However, it was offset by a decrease in trade and other accounts receivable of US$26.8 million.
Non-current assets as at December 31, 2025 were US$224.1 million, an increase of US$17.7 million compared to US$206.4 million as at December 31, 2024. The increase was mainly due to increase in restricted deposit at financial institutions and increase in property, plant and equipment of US$11.3 million and US$10.7 million, respectively.
Additionally, investment in joint ventures rose to US$4.7 million, mainly due acquisition of interests in joint ventures and share of profit of joint ventures, and offset against dividends received from joint ventures. The increase in non-current assets was offset by a decrease in right-of-use assets of US$ 9.3 million.
As at December 31, 2025, the group’s working capital position was positive, with current assets exceeding current liabilities by US$99 million, a significant improvement from US$1 million of positive position as at December 31, 2024. This improvement was primarily driven by the successful completion of a issuance of shares and refinancing of long-term borrowings from parent company, which strengthened the group’s liquidity.
The group had net cash flows from operating activities for the year ended December 31, 2025 of US$46.1 million, which was mainly from net profit for the year adjusted for non-cash items and changes in operating assets and liabilities.
The group had net cash used in investing activities for the year ended December 31, 2025 of US$24.1 million. This was primarily due to acquisition of property, plant and equipment of US$ 22.3 million and acquisition of interests in joint venture of US$1.9 million.
The group had net cash flows from financing activities for the year ended December 31, 2025 of US$20.3 million. This was mainly due to the issuance of ordinary shares amounting to US$43.4 million and new borrowings of US$31.6 million, partially offset by repayments of borrowings and interests totaling US$44.1 million and lease payments of US$10.6 million.
Mermaid Maritime said the offshore energy and subsea services sector demonstrated continued resilience through 2025 and is entering 2026 with sustained activity levels across key offshore basins. The market remains supported by ongoing upstream capital expenditure, high vessel utilisation rates, and continued operator focus on field-life extension and asset integrity programs.
"Although global oil demand growth has moderated, the industry remains within an extended investment cycle driven by long-sanctioned offshore developments, brownfield expansions, and reinvestment in mature assets," said Mermaid Maritime.
"Activity levels are particularly robust in the Middle East and West Africa, where multi-year development programs and tie-back projects continue to generate stable demand for subsea inspection, repair and maintenance services. The North Sea and Southeast Asia also remain active, supported by life-extension programs and regulatory-driven integrity requirements.