Mermaid Maritime, a provider of subsea and drilling services to the offshore oil and gas industry, has reported net loss of $1.9 million for the three-month period ended September 30, 2018.
This result compares with quarterly loss of some $2.1 million in the corresponding period in 2017. Sequentially, net loss also narrowed from $7.7 million on 37% higher revenue due to high utilization of four main owned vessels.
The Singapore-listed company generated revenue of $30 million, versus $30.6 million same time last year.
Q3 2018 vessel utilization increased to 44% from 33% of the last quarter and 22% of the same period last year.
Subsea division generated 3% lower quarterly service income of $29.4 million. Subsea gross profit for the three months ended September 30, 2018 was $2.2 million, compared to gross profit of $2.9 million same time last year.
“There are signs that the subsea vessel market is recovering more quickly than others, but evidence to date suggests that while Tier 1 contractors are slowly coming out of the downturn in a better shape it remains very tough indeed for Tier 2 players, which is where Mermaid currently sits,” the company said in its quarterly earnings report.
Subsea World News Staff