Mermaid Maritime has published its financial results for the first quarter of 2026.
Mermaid Maritime posted revenues of US$82.98 million in Q1 2026, a decrease of 29.2 per cent from US$117.7 million from the same quarter in 2025. Total expenses in Q1 2026 reached US$88.98 million compared to US$125.9 million losses in Q1 2025.
The company therefore yielded an operating loss of US$4.638 million, a 41 per cent decrease from the US$7.873 million loss incurred in Q1 2025.
Mermaid's subsea segment reported revenue from rendering of services for Q1 2026 of US$82.1 million, a decrease of US$35.1 million or 30 per cent from US$117.2 million in the corresponding prior year period. The decrease mainly came from subsea transportation and installation and decommissioning services, partially offset by continued strength in subsea inspection, maintenance and repair services.
As a result, the subsea segment generated gross profit for the three-month period ended March 31, 2026 of US$2.2 million, an increase of US$1.4 million compared to US$0.8 million in the corresponding prior year period.
The group reported administrative expenses for Q1 2026 of US$7.2 million, an increase of US$0.4 million compared to US$6.8 million in the corresponding prior year period. This was primarily due to an increase in expected credit loss of US$0.3 million and employee benefit expenses of US$0.3 million, offset by a decrease in bank commission fee of US$0.2 million.
The group reported finance cost for Q1 2026 of US$1.9 million, a slight decrease of US$0.2 million compared to US$2.1 million in the corresponding prior year period. The decrease was mainly due to a decrease in interest expenses on borrowings from the parent company.
The group had net cash from operating activities for the three-month period ended March 31, 2026 of US$11.5 million, which was mainly from an increase in trade and other accounts payable.
The group had net cash from investing activities of US$0.1 million. This was primarily due to an interest received offset with acquisition of property, plant and equipment.
The group had net cash used in financing activities of US$7.7 million. This was primarily due to a repayment of borrowings from the parent company of US$2 million, a repayment of borrowings from financial institutions of US$3.4 million, and finance cost paid of US$1.8 million.