"Profitability has grown materially over the past three years with management guiding for EBITDA margin expansion in 2024 and 2025. In 2H23 alone, the company doubled its order book to finish 2023 at US$734 million," writes UOB Kay Hian in an unrated note on April 12.
Mermaid Maritime Public Company, a Thailand-based subsea and offshore services provider, is enjoying a clear post-pandemic recovery, as it successfully expanded into new markets in the Middle East, West Africa and the North Sea.
Currently, MMT operates eight subsea vessels, 18 saturation/air diving systems and 14 remotely operated vehicles.
