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. 

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