Australia: LNG Orders Drive Up Mermaid Marine Profit

The Directors of Mermaid Marine Australia Ltd announced another year of strong earnings growth.

Net Profit after Tax (NPAT) for the year increased by 37% to $43.2 million and Earnings per Share (EPS) increased by 24% to 21.1c per share .

The Directors also announced a final dividend of 5c per share taking the full year dividend to 9c per share, an increase of 12.5% on last year.

Commenting on the result, MMA Chairman Mr Tony Howarth said:

“Oil & Gas activity in the North West Shelf has been buoyant with construction of the Gorgon Project driving strong demand for MMA’s vessels and supply base services.

“MMA signed two major long term production support contracts with Woodside during the year, maintaining the balance of future work across the exploration, construction and production sectors.

“The Dampier Supply Base experienced high utilisation and secured a major new long term contract with Chevron supporting its drilling and production operations.

“The Company is in a strong financial position, having raised $64 million in new capital in October 2010 and is well placed for future growth.”

MMA Managing Director, Mr Jeffrey Weber said:

“MMA has delivered a strong result for FY2011 with all divisions performing well. “Whilst competition has increased in the Australian vessel market, MMA’s ability to deliver customised and unique marine solutions to its customers has driven continued growth.

“MMA’s integrated service offering combining offshore vessels, supply base and slipway services, provides a complete solution to companies operating in the oil and gas sector in the North West of Australia.

“MMA continues to execute on its growth strategy, expanding into the Platform Supply Vessel (PSV) market during the year with the purchase of a new 75 metre PSV, the Mermaid Leveque. This vessel was delivered in June 2011 and will commence a major contract in the Australian market in the second quarter of FY2012.

“The outlook for MMA’s services remains strong with Gorgon construction activity continuing through 2013. A number of significant new projects are also flagged for development over the next three to four years. MMA is well positioned to take advantage of this activity in the region and expects to continue to grow earnings into the coming year.”

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Source: Mermaid Marine, August 17, 2011;