Mermaid Maritime hit with $21.2m net loss in Q1
Blame it on idle rigs.
Mermaid Maritime reported a net loss of $21.2m (USD16m) in the first quarter. This figure is 405.8% lower than its reported profit of $6.9m (US$5.2m) in the same period last year.
The decline was mainly due to three subsea vessels off-hire given dry dock maintenance and an uncontracted chartered-in subsea vessel.
The group suffered losses at the gross margin level mainly due to low subsea vessel utilization. Its revenue also declined due to idle rigs.