Mermaid Maritime has published its financial results for the three months ended September 30, 2025.
Mermaid's reported group revenue from rendering services for Q3 2025 totalled US$153.4 million, an increase of US$3.2 million from US$150.2 million in Q3 2024. The company said the growth was primarily driven by higher revenues from subsea transportation and installation (T&I) services and decommissioning services.
The group reported a cost of rendering services of US$129.2 million, a decrease of US$9.4 million compared to US$138.6 million in Q3 2024. This improvement was driven by operational efficiencies and cost management.
Consequently, in Q3 2025, the group generated gross profit of US$24.2 million, an increase of US$12.6 million compared to US$11.6 million in Q3 2024. Mermaid said this significant improvement was attributable to the performance of the T&I and decommissioning services.
Mermaid reported administrative expenses of US$6.7 million, same as in the corresponding prior period. The group meanwhile reported a net loss on foreign exchange of US$100,000, a decrease of US$2.6 million from US$2.7 million in Q3 2024.
The group reported a finance cost of US$2.6 million, an increase of US$400,000 from US$2.2 million in the corresponding prior year period. The increase was primarily from an increase in interest expenses on borrowings from the parent company.
The share of profit of the associates and the joint venture for Q3 2025 was US$1.9 million, an increase of US$1.4 million from US$500,000 in Q3 2024. This increase mainly came from share profit from Zeaquest.
As a result, the group reported net profit of US$16.6 million in Q3 2025, an increase of US$15.5 million from US$1.1 million in the corresponding prior year period.
As at September 30, 2025, Mermaid reported total assets of US$450.9 million, representing an increase of US$35.2 million, or approximately 8.5 per cent, from US$415.7 million as at December 31, 2024.
As at September 30, 2025, total equity increased significantly to US$229.2 million, up US$44.4 million from US$184.8 million as at December 31, 2024. Mermaid said this was primarily due to the successful issuance of ordinary shares amounting to US$43.4 million, alongside a net profit of US$1.2 million for the period.
