Mermaid Maritime Sees Profits Soar

Mermaid Maritime, a provider of subsea and drilling services to the offshore oil and gas industry, has recorded a profit of $45.3 million for the financial year ended September 30, 2014.

Compared to the last year, the Group’s net profit tripled from $15.4 million.

Mermaid generated revenues of $313 million, a 16% increase year-over-year. Increased revenues also lead to 13.5% rise in Gross profit of $57.5 million.

Revenues from subsea services were $289 million, backed by Saudi Aramco project and growth from other projects in Middle East and Indonesia.

Mermaid also proposed a final dividend of USD 6.7 million, equivalent to 15 percent of the net profit for FY2014 and scooped $470 in orders.

“Our order book of USD 470 million will also bring in steady revenue. Moreover, our new builds are currently under construction in China and is scheduled join our fleet in 2016, adding further credence to our growth story,” said Chalermchai Mahagitsiri, Chief Executive Officer of Mermaid, following the announcement of what the company calls ‘outstanding performance for FY2014.’