Singapore listed Mermaid Maritime, a provider of subsea and drilling services to the offshore oil and gas industry, has seen its profit chopped by close to 50 percent for the three-month period ended June 30, 2016.
The Singapore-listed company generated revenue of $49.6 million versus $107.5 million same time last year. According to Mermaid, a 54 percent year-over-year drop in revenues was mainly due to slowdown in cable lay and lower utilisation of subsea fleet.
The company’s quarterly profit came at $7.7 million, down about 50 percent against profit of $15.4 milion in the corresponding period in 2015.
Additionally, for the first six months of 2016, the company booked profit of $9 million on revenue of some $90 million, compared to loss of $220K on revenue of $168 million. Revenue in the 1H2016 was down approximately 47 percent, but it was offset by Mermaid’s high costs in 1H2015.
The company reported $25 million positive cash flow from operation generated in 1H2016, compared to $10 million negative cash flow in 1H2015.
Subsea World News Staff