Subsea and drilling services provider Mermaid has reported net loss of $10.3 million for the three-month period ended 31 March 2020.
This result compares with loss of some $4 million in the corresponding period in 2019.
The Singapore-listed company generated quarterly revenue of $22.2 million, versus $26.2 million in Q1 2019 – down some 15 per cent.
Mermaid Subsea group reported service income in Q1 2020 of $22.2 million, a decrease of $3.6 million compared to Q1 2019. A decrease was primarily due to reduced day rates.
Subsea division reported loss before finance costs and income tax expense in Q1 2020 of $5.3 million.
The Group recorded expenses for the three months period ended 31 March 2020 of US Dollar 33.5 million, up from $31.7 million same time last year.