Mermaid Group profit falls to $7.4m as APAC project gap slows revenue

Transport, installation, and decommissioning revenue weakenened in the region.

Mermaid Group recorded a net profit of $7.4m for the financial year ended 31 December 2025, a decrease from the $14.2m profit in 2024, according to its financial statement.

Earnings per share stood at 0.4 US cents, down compared to the 1.0 US cent for the 2024 period.

Total revenue reached $489.3m, a decrease from $513.3m in the previous year as completion of projects in the Asia Pacific (APAC) region led to a $16.4m fall in revenue for transport, installation, and decommissioning.

Delays to project starts caused a $12.1m decline in cable lay revenue. Subsea inspection, repair, and maintenance revenue rose $4.5m.

The 2025 profit includes a $4.4m reversal of impairment loss on assets. Without this reversal, net profit reached $3.0m, a decrease from $4.3m in 2024.

Earnings before interest, taxes, depreciation, and amortisation reached $33.6m, a fall from $44.2m in the previous year.

The company held $65.8m in cash and cash equivalents at 31 December 2025. A rights offering of 477.4 million shares raised net proceeds of $43.4m (SG$56.1m).

The current ratio reached 1.78x and the debt-to-equity ratio reached 0.43x. Total debt, net of cash, reached $21.0m.

The order book stands at $726m. The Middle East accounts for 78.9% of the total, whilst APAC and Southeast Asia represent 17.2%, and the North Sea represents 3.6%.

Contracts across the Middle East, Southeast Asia, the North Sea, and Western Sub-Saharan Africa are extending through 2036.

KPMG issued an unqualified opinion on the accounts, noting impairment testing of vessels and credit losses on related party loans as key audit matters.

It added that financial statements show a concentration of revenue, with one major customer accounting for $386.9m, or 79% of total turnover. Thailand and Saudi Arabia remained the largest geographical markets.

(SG$1 = US$0.77)