Mermaid Maritime has published its financial results for the second quarter of 2026.
Total revenue for Q2 2026 was US$61.8 million, representing a year-on-year decrease of US$50.6 million from US$112.4 million in Q2 2025 and a quarter-to-quarter decline of US$20.3 million from US$82.1 million in Q1 2026.
The group incurred operating losses of US$200,000 in Q2 2026, compared with the gross operating profit of US$100,000 reported in Q2 2025 and gross operating profit US$300,000 in Q1 2026. The decline in revenue and gross operating profit were mainly attributable to lower T&I and decommissioning activity following the completion of major projects in the Asia-Pacific region.
Performance was further impacted by lower revenue and margin contributions from the subsea segment due to the dive support vessel Mermaid Endurer undergoing maintenance during the quarter, together with fewer IMR projects utilising short-term charter-in vessels, and loss from the cable lay segment from a lump-sum project that suffered delays.
The group reported a net loss of US$4.3 million for Q2 2026. This represented an improvement of US$3.4 million compared from a net loss of US$7.7 million recorded in Q2 2025, primarily due to lower depreciation expense and the recognition of a deferred tax asset during the quarter.
Compared with the net loss of US$2.9 million in Q1 2026, the net loss in Q2 2026 increased by US$1.4 million, mainly due to lower operating margins from lower utilisation rates, which included Mermaid Endurer’s undergoing maintenance during the quarter.
Net cash generated from operating activities for the six-month period ended June 30, 2026, improved to US$19.6 million, compared to US$8.6 million in H1 2025.
Mermaid said that, on the balance sheet, it maintained a healthy liquidity position, with a current ratio of 1.69x and a debt-to-equity ratio of 0.40x.
As of June 30, 2026, the total orderbook amounted to US$750 million. The Mermaid Group has secured multiple project awards across the Middle East, Southeast Asia, the North Sea, and Western Sub-Saharan Africa, encompassing both short-term commitments and long-term contracts extending through FY2036.
Brent crude oil prices increased sharply during Q2 2026, as disruption to Middle East production and constraints on flows through the Strait of Hormuz tightened global supply. Prices eased as tanker traffic and regional production partially recovered in June, although renewed geopolitical tensions continue to create uncertainty.
Upstream investment remains selective, with operators maintaining production reliability, operational efficiency and sustaining output from existing assets. These priorities support demand for Mermaid’s services in IMR, infrastructure life extension, subsea intervention and decommissioning.
Mermaid’s orderbook as at June 30, 2026, included projects across the Middle East, ASEAN, the North Sea and Africa, with contract durations extending through FY2036. The company said this geographic and service-line diversification provides exposure to opportunities throughout the offshore asset lifecycle, from installation to inspection, maintenance, life extension and decommissioning.
As at June 30, 2026, the group’s orderbook stood at US$750 million, comprising shorter-duration campaigns and longer-term contracts. Mermaid said it continues to apply disciplined project selection, with emphasis on execution risk, working-capital requirements and margin quality.
During Q2 2026, Mermaid remained focused on the safe and efficient execution of its secured backlog, with operational activity spanning IMR, saturation diving, cable laying, subsea construction, transportation and installation, and decommissioning services. The Middle East remains a core operating market, supported by Mermaid’s established IMR and cable-lay capabilities. ASEAN activity mainly represented time charters to customers, and projects in the North Sea and Africa further broadened the group’s geographic and customer base.
Cable laying remains a key part of Mermaid’s service offering and secured backlog. The group’s shallow-water capability supports conventional offshore developments and subsea power and communications infrastructure, and it will continue to target projects that meet its operational, contractual and margin requirements.
Mermaid said it is pursuing growth in areas that complement its existing subsea operations, including decommissioning, subsea infrastructure and asset integrity. The group remarked that it will prioritise markets and services where it can harness its engineering expertise, client relationships and marine assets without adding disproportionate capital or execution risk. Partnerships and joint ventures will also be considered where they provide local market access or support more efficient asset deployment.
