DU4 Mermaid Maritime: Resilience Amid Challenges
Despite headwinds in Q3 2024, Mermaid Maritime continues to demonstrate its resilience and growth potential in the offshore services industry. The company reported a subsea fleet utilization rate of 87%, its highest this year, underscoring strong operational performance. While revenue dipped due to completed decommissioning contracts in the UK and Thailand, a robust order book of US$814 million highlights its sustained market leadership.
Notably, Mermaid’s net profit stood firm at US$3.8 million (excluding a forex loss of US$2.7 million), meeting forecasts. With a target price of S$0.16, Mermaid Maritime is trading at a 32% discount to global peers, offering a compelling opportunity for investors. A potential rebound in the US dollar against the Thai Baht could further bolster its financial outlook.
The chart is turning bullish
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