Mermaid Maritime achieves 33 per cent revenue jump in Q1 2025; net losses exceed $7m

Thai offshore services provider Mermaid Maritime reported revenues of US$117.2 million for the three-month period ended March 31, 2025, according to financial statements recently published by the company.

Revenues for the first quarter of 2025 increased by US$29.2 million or 33.2 per cent from US$88 million from the same period last year.

The increase was primarily from subsea transportation and installation services and cable laying services whereas the revenue from subsea inspection, maintenance and repair (IMR) services decreased from the corresponding prior year period due to planned drydocking of a main subsea vessel.

For Q1 2025, Mermaid Maritime generated a gross profit of US$800,000, a decline of US$7.8 million from US$8.6 million of the corresponding prior year period. This was primarily due to higher project costs of cable laying services as well as lower revenue generated from IMR services during the drydocking period of a main subsea vessel.

The group reported Q1 2025 administrative expenses of US$6.8 million, an increase of US$1.5 million or approximately by 28.3 per cent from US$5.3 million of the corresponding prior period. The increase mainly came from employee benefit expenses of US$700,000 and additional expected credit loss expenses of US$700,000.

The group reported a finance cost of US$2.1 million, a slight decrease of US$200,000 from US$2.3 million of the corresponding prior period. The decrease was mainly due to decreased interest expenses on borrowings from financial institutions.

The share of profit of joint ventures and associate for the three-month period US$300,000, an increase of US$1.5 million compared to a share of loss of US$1.2 million of the corresponding period. This was primarily due to the share of profit from Millennium 3 Ship Management and Operations DMCCO.

As a result, Mermaid Maritime reported a net loss of US$7.8 million, a decrease of US$8.3 million from net profit of US$500,000 of the corresponding prior period.