Mermaid Maritime swings to H1 loss as revenue declines

Mermaid Maritime has reported a significant financial downturn for the first half of 2025, swinging to a net loss after a sharp drop in revenue from its subsea services. The Thailand-based company’s performance was hit by lower vessel utilisation and project postponements, which it linked to geopolitical challenges in a key operating region.

For the six months ending June 30, the group posted revenues from rendering of services of $229.6 million, a decrease of 6.7 per cent from the $246.1 million recorded in the first half of 2024. This top-line decline, combined with a two per cent rise in total expenses to $247.7 million, resulted in a net loss of $15.5 million for the period, a stark reversal from the $3.3 million profit reported in the corresponding period last year.

The negative trend was more pronounced in the second quarter. For the three months to June 30, revenue from services fell by almost 29 per cent to $112.4 million. This led to a net loss of $7.7 million for the quarter, compared to a net profit of $2.9 million in the same period of 2024.

The company stated that the decrease in revenue came from its transportation and installation, decommissioning, cable laying, and inspection, repair and maintenance services.

Looking ahead, the company noted that the offshore and subsea services sector continues to show resilience, driven by rising global energy demand and the need for energy security.

It stated that its presence in the Middle East, North Sea, West Africa, and Southeast Asia positions it to benefit from increased offshore activity. However, it also cautioned that it, "remains alert to factors that could influence execution, including geopolitical developments, oil price volatility, and currency fluctuations."