Mermaid Maritime Plc

[butcher]

Yeah and they are v nice people. Had works (not employment) with their Singapore subsidiaries companies some years ago. V hospitable.

[snapsnap]

23 Nov, 2015: Broker's Report - Mermaid Maritime kept at ‘buy’ by DBS Vickers, target price raised to 27 cents.
http://www.theedgemarkets.com/sg/article...d-27-cents

[butcher]

http://infopub.sgx.com/FileOpen/Mermaid_...eID=391910

No doubt about it, Mermaid have a v bad results due to the doldrums in O&G sector.

However, noted its announcement is very detailed. And their auditors already finised the audit and issued an audit report. KPMG is fast dude

[butcher]

Mermaid issued their annual report.

http://mermaid.listedcompany.com/newsroo...FW3K.1.pdf

[butcher]

Mermaid secured new estimated US$10m contract today

http://mermaid.listedcompany.com/newsroo...2OA0.1.pdf

The powerpoint presentation slides for the shareholders' meeting are also available for download at :-

http://mermaid.listedcompany.com/newsroo...ZZJV.1.pdf

[investingsgx]

Their 300m impairment loss is enough for me to avoid this counter

[crabcrab]

Mermaid Maritime ($0.123) - Maybe time to look into this company again.

https://www.dbs.com.sg/treasures/aics/Eq...MMT_SP.xml

[CY09]

Hi crabcrab,

please elaborate the reason for looking into this company again. Such one liner with prices and nothing else is not encouraged

[crabcrab]

Hi crabcrab,

please elaborate the reason for looking into this company again. Such one liner with prices and nothing else is not encouraged

Just notice that the intended reference link was missing in the thread somehow. Had since included in it. Thanks for the reply.

[karlmarx]

The offshore oil and gas industry continues to be in a difficult period with too many assets chasing too few jobs, as described by Mermaid:

http://infopub.sgx.com/FileOpen/SGX%20Fo...eID=466734

What appeared to be a recovery for the industry last year seems to be in a relapse. Mermaid's JV partner for AOD (Seadrill) seems to be in a bit of a pickle (restructuring), which may see the drilling assets held under AOD being sold to pay Seadrill's creditors. AOD brought in profits of US$1.2m (down from $2.8m a year ago) for Mermaid this quarter; this is about 28% of the quarter's US$4.3m profit.

Mermaid's own drilling assets MTR 1 & 2 are old and seem unlikely to find work again, perhaps only when oil prices return to its triple digit days again.

Its subsea services face an oversupply of diving support vessels with newbuild still coming onto the market, lowering prices.