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Mermaid Maritime Plc
14-09-2017, 07:40 PM,
Post: #61
RE: Mermaid Maritime Plc
Is it likely for Mermaid to buyout its 66.24% JV partner's (Seadrill) stake in AOD, and assume responsibility AOD's US$210m debts due April 2018, if no third party buyers are to be found?

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13-11-2017, 09:06 PM,
Post: #62
RE: Mermaid Maritime Plc
After a rebound in FY16 earnings, Mermaid is close to seeing red again. The oversupplied market for subsea vessels and drilling vessels appears to have worsened, as Mermaid posted a 41% fall in revenue in 3Q17. Deferred contracts by oil majors reduced the amount of work available while new builds entered the market; intensifying the competition and lowering charter rates. Utilisation rate of subsea vessels were only 22%. The continued reduction in day rates of the drilling vessels in AOD saw profits halved to US$1.1m.

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