The offshore services segment is the main operating business of Mermaid Maritime Public Company Limited (“Mermaid”), in which TTA holds a 58.22% stake as of 31 December 2019. Mermaid, commenced its operations in 1983, was partially acquired by TTA in 1995 and was successfully listed on the Singapore Stock Exchange (“SGX”) on 16 October 2007.
Mermaid provides full turnkey services to oil and gas majors operating offshore through our diversified portfolio of subsea vessels, specialized diving equipment and remotely operated vehicles. We have been in the offshore business for over 30 years and we are today present in five geographical regions with a team of over 500 professional divers, technicians, surveyors, management and support staff. Our vision is to be a premium service provider to the offshore oil and gas industry and to constantly deliver enhanced return to our shareholders. As a result of the challenging outlook across the oil and gas industry, our two-pronged strategy continues to be implemented by Mermaid’s senior management team that takes into account both a short-term /tactical approach (“Strengthening our Core”) and a longer term vision (“Positioning for Growth”), that will ensure our ability to continue to build sustained shareholder value.
Strengthening our Core
In adhering to our “Strengthening our Core” strategy, we prioritized the safeguard to our home market and streamlined our internal processes. Our achievements included securing a key IRM contract extension, rationalization of non-performing assets across our subsea services segments, qualifying as a decommissioning service provider, expanding into the offshore wind cable installation market, extensive consolidation and cost efficiency improvement while remaining a high quality of services.
Positioning for Growth
In furtherance to our “Positioning for Growth” strategy, we focused on a groundwork for new market expansion and cross selling of services through the value chain move to higher value engineering segments offering short and medium range turnkey contracts or lump sum contracts.
Area of our inspection, installation, repair and maintenance services (“IRM”) and cable services