SINGAPORE (Nov 13): Mermaid Maritime recorded a loss in 3Q17 of US$2.04 million ($2.77 million), compared to earnings of US$7.49 million in 3Q16.
Revenue for the quarter came in at US$30.6 million, 41.2% less than US$52.1 million a year ago, due to a decrease in revenues from services.
Total expenses were 26.9% lower at US$34.0 million from US$46.5 million last year.
Administrative expenses decreased 13.8% to US$5.6 million from US$6.5 million a year ago, primarily due to cost saving and rightsizing exercise.
In its outlook, Mermaid Maritime says the group’s commercial focus remains on core shallow water Inspection, Repair & Maintenance (IRM) and light construction works, as well as decommissioning and renewables opportunities as they arise.
It will also continue to actively pursue cable-lay contracts albeit most likely in a support role to larger, specialist lay contractors.
Shares in Mermaid Maritime closed 16 cents on Monday.
