Mermaid Maritime Public Company Limited reported a consolidated net loss of US$3.0 million for the quarter ended Mar 31, 2026, narrowing from a US$7.8 million loss a year earlier as lower finance costs and tighter expense control offset a sharp fall in revenue.
Earnings per share improved to a basic loss of US$0.0014, versus a loss of US$0.0055 a year ago. The board has since approved a final dividend of US$0.001 per share for FY 2025, pending payment details.
Revenue from rendering of services fell 35.0 percent year-on-year (YoY) to US$82.1 million, largely reflecting the completion of high-value contracts in Thailand and Saudi Arabia last year. By geography, Saudi Arabia remained the largest contributor, generating US$48.5 million, followed by Thailand at US$12.6 million and Angola at US$10.4 million.
Segmentally, the Subsea group booked a pre-tax loss of US$0.3 million, versus a US$5.3 million loss a year earlier, helped by a US$1.5 million profit contribution from associates and joint ventures. The Holding division recorded a wider pre-tax loss of US$2.1 million, compared with a US$0.3 million profit in the prior-year period, weighed by foreign-exchange losses and lower interest income. Group finance costs eased to US$1.9 million from US$2.1 million following scheduled debt repayments, while tax contributed a US$1.7 million credit.
The revenue contraction was partly offset by a 31.3 percent drop in service costs to US$79.9 million and a 10.0 percent decline in administrative expenses to US$7.2 million. Net operating cash inflow rose to US$11.5 million from US$8.5 million, aided by tighter working-capital management.
Looking ahead, Mermaid Maritime is expanding its regional footprint. In January, subsidiary Mermaid Subsea Services (Thailand) teamed up with Serikandi Oilfield Services to form Serikandi Mermaid Sdn Bhd in Brunei, targeting decommissioning and subsea engineering work. The group also injected additional capital into Malaysian unit Mermaid Subsea Services (Malaysia) to support growth opportunities in Southeast Asia.
On the balance-sheet front, the company repaid US$2.0 million of shareholder loans and US$3.4 million of bank debt during the quarter, trimming total borrowings to US$95.9 million. Following shareholder approval in April, Mermaid will reduce its registered capital by cancelling 330.2 million unissued shares, streamlining its capital structure.
Management did not provide specific financial targets, but the latest moves signal a focus on strengthening the balance sheet and enlarging its presence in the Middle East and Asia-Pacific subsea markets amid a recovering offshore services cycle.