Mermaid Maritime reported FY 2025 revenue from rendering of services of USD 489.3 million (down 4.7% YoY), with gross profit of USD 56.9 million. EBITDA (excluding share of profit and reversal of impairment loss) was USD 33.6 million (down 24.0% YoY). Profit for the year was USD 7.4 million (down 47.9% YoY), while net profit excluding reversal of impairment loss was USD 3.0 million. Operating cash flow was USD 46.1 million, and cash and cash equivalents ended FY 2025 at USD 65.8 million, with restricted cash of USD 14.6 million. As of 31 December 2025, total interest-bearing debt was USD 101.4 million and net gearing was 8.9%; the current ratio was 1.78x and net debt to equity (excluding lease liabilities) was 0.43x. For Q4 2025, Mermaid Maritime posted revenue from rendering of services of USD 106.3 million, EBITDA (excluding share of profit and reversal of impairment loss) of USD 8.1 million, and profit for the period of USD 6.2 million. By segment in FY 2025, T&I and Decommissioning revenue was USD 252.8 million, Subsea IRM revenue included USD 71.0 million from owned fleet and USD 116.8 million from non-owned fleet activities, and Cable Lay revenue was USD 48.7 million. Mermaid Maritime said FY 2025 revenue was impacted by a reduction in T&I and Decommissioning revenues following completion of major APAC projects and a decline in Cable Lay revenues due to delays in the start of a new project expected to commence in H2 2025, partly offset by higher diving and survey activities in the Middle East. The company also recorded a reversal of impairment loss on a vessel of USD 4.4 million in FY 2025. Mermaid Maritime’s order book stood at USD 726 million as at December 2025, with 78.9% in the Middle East, and the company highlighted awards across the Middle East, Southeast Asia, the North Sea and Western Sub-Saharan Africa extending through FY 2036. It also noted a rights offering that issued 477.4 million ordinary shares and raised net proceeds of SGD 56.1 million (approximately USD 43 million), and said Mermaid Asiana completed a planned 55-day dry docking in Q1 2025 before resuming a long-term Middle East contract, while Mermaid Commander began reactivation during the year.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Mermaid Maritime Public Company Limited published the original content used to generate this news brief via Singapore Exchange Limited (SGX) (Ref. ID: 75D8BZ6H2JUMYOAW) on February 26, 2026, and is solely responsible for the information contained therein.