Mermaid Maritime Public Company Limited on Thursday reported net profit of US$7.4 million for the year ended Dec 31 2025, down 48.1 per cent year-on-year as softer contributions from cable-lay operations offset solid demand for inspection, repair and maintenance (IRM) work.

The subsea contractor booked revenue of US$489.3 million, a 4.7 per cent decline from FY2024. Basic earnings per share fell to US$0.0044 from US$0.0097. The board will propose a final dividend of 0.1 US cent per share—Mermaid’s first payout in two years—subject to shareholder approval at the April 2026 AGM; no dividend was declared for FY2024.

Segmentally, the subsea division generated pre-tax profit of US$6.8 million, while the holding segment contributed US$1.3 million, bringing group pre-tax earnings to US$8.1 million. Thailand and Saudi Arabia remained the two largest markets, accounting for US$224.0 million and US$191.5 million in revenue respectively.

Gross profit slipped 12.8 per cent to US$33.3 million as the reduction in high-margin cable-lay work outweighed continued strength in IRM and decommissioning services. Administrative expenses were broadly stable at US$25.7 million, while finance costs inched up 2.9 per cent to US$8.9 million.

The company strengthened its balance sheet during the year: • A rights issue raised US$43.4 million, lifting cash and cash equivalents to US$65.8 million. • Short-term borrowings from the parent were refinanced into a five-year facility of up to US$70 million at 7 per cent, improving current liabilities and boosting working capital to a positive US$99.0 million. • Capital expenditure of US$22.8 million focused on fleet upgrades and joint-venture investments.

Looking ahead, Mermaid expects sustained offshore activity through 2026, citing robust IRM demand in the Middle East and West Africa, growing decommissioning obligations in the North Sea and Southeast Asia, and tight global supply of modern diving support vessels. Management flagged oil-price volatility and geopolitical risks as key external headwinds but said the group’s expanded fleet, integrated service offerings and improved liquidity position it to capture upcoming opportunities.