Under the Radar: Mermaid Maritime’s COO on post-pandemic recovery, what volatilities in oil prices mean for the firm, positioning for a greener future and outlook ahead

The Evening Runway with Hongbin Jeong and Chua Tian Tian

It’s back to the offshore and marine industry today as we speak to a Thailand-based international subsea and offshore services company that services some of the oil and gas majors and their contractors.

Listed on the Singapore Stock Exchange in 2007, Mermaid Maritime provides full turnkey services through its diversified portfolio of subsea vessels, specialised diving equipment and remotely operated vehicles.

These services include subsea inspection, repair and maintenance, cable laying and engineering, transportation and installation as well as decommissioning.

The firm’s operations span across five geographical regions, namely the Middle East, Africa, Asia Pacific and Southeast Asia as well as the UK, and has a team of over 500 professional divers, technicians, surveyors, management and support staff.

Mermaid Maritime is an interesting company to watch given how SGX-listed offshore and marine are enjoying positive earnings results for the April toJune quarter and the first half of 2024.

That’s as players hold a strong pipeline of work and recover from an earlier slump seen during the pandemic.

At Mermaid Maritime, the Group had in Q1 turned around year ago losses. In Q2 2024, it reported a net profit of US$2.9 million, an increase from the last quarter, but a drop on a yearly basis due to higher in-planned financial cost.

Its total order book peaked at US$976 million at the end of June 2024 with multiple project awards in South East Asia, the Middle East, North Sea and Western Sub Saharan region for both short-term and long term throughout FY2026.

But how does the firm assess its outlook ahead?

Meanwhile, with tensions in the Middle East weighing on oil prices, what would that mean for firms serving the oil and gas industry, such as Mermaid Maritime?

On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Paul Whiley, COO, Mermaid Maritime.

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