Between 1QFY2021 ended March 2021 and 1QFY2022, Mermaid slumped to a net loss of US$4.1 million ($5.4 million) and US$8.0 million respectively, as its divers and vessels saw limited activity due to Covid-19 health restrictions.
Despite the offshore and marine (O&M) industry hitting rock bottom during Covid-19, Paul Whiley, COO and executive director of Mermaid Maritime (SGX:DU4
) , has remained optimistic.
“This wasn’t the first time that the world had seen a crisis in oil prices and you learn from the past. Look at what happened at the end of the 80s and what happened at the turn of the 90s. When you get pressure like this, what goes up must come down eventually,” says Whiley.
