Mermaid Maritime Public Company Limited reported a narrower net loss of US$7.23 million for the six months ended Jun 30, 2026, improving from a US$15.46 million loss a year earlier, as lower finance and foreign-exchange expenses offset a sharp decline in project volumes.
The Thailand-based subsea services group posted revenue of US$145.96 million, down 36.7 per cent year-on-year, while basic loss per share slimmed to 0.36 US cent from 1.10 US cents. An annual dividend of 0.1 US cent per share, approved in April and paid on May 18, compared with no payout in the prior-year period.
Revenue from rendering of services fell 37.3 per cent to US$143.89 million, reflecting reduced transportation and installation as well as decommissioning activity. Inspection, repair and maintenance work “remained strong”, enabling the subsea unit to lift gross profit to US$3.28 million from US$1.56 million a year earlier. Interest income more than quintupled to US$1.04 million, partly cushioning the 8.7 per cent rise in administrative expenses to US$14.05 million, which included higher expected credit-loss provisions.
Operating costs tracked the drop in revenue, with service costs declining 38.3 per cent to US$140.61 million. Finance costs eased 14.2 per cent to US$3.66 million after a reduction in borrowings, while net foreign-exchange losses shrank 91.7 per cent to US$0.20 million. Share of profit from joint ventures and associates rose 55.1 per cent to US$2.61 million, driven mainly by stronger contributions from Millennium 3 Ship Management and Operations DMCCO.
Total assets stood at US$433.31 million as at Jun 30, 2026, down from US$450.15 million at end-2025, after depreciation charges and a US$10.22 million contraction in receivables. Net gearing remained unchanged, with borrowings of US$92.6 million partly secured against vessels valued at US$123.5 million. The group’s current assets exceeded current liabilities by US$89.08 million, underpinned by proceeds from last year’s share issue and continued debt reduction.
Looking ahead, Mermaid pointed to solid demand for subsea inspection, maintenance, life-extension and decommissioning services across the Middle East, UK, Africa and Southeast Asia. Management highlighted geopolitical risks—particularly shipping disruptions in the Strait of Hormuz—alongside inflationary pressure on fuel, insurance and supply-chain costs. The planned reactivation of dive-support vessel Mermaid Commander and new joint-venture partnerships are expected to support order-book growth, subject to timely project commencements and market conditions.