Listed on the Singapore Stock Exchange, Mermaid is a well-established global oil service specialist. We provide subsea and drilling services to oil and gas majors operating offshore through our diversified portfolio of subsea vessels, specialized diving equipment, remotely operated vehicles and drilling and accommodation rigs. With proven track record of over 30 years, Mermaid Maritime success is based on a philosophy of engineering and operational excellence and a sharp focus on customer needs.
Headquartered in Thailand, Mermaid Maritime operations span from Saudi Arabia to the United Arab Emirates, Qatar, Singapore, and Indonesia. We have today a team of over 1,000 people including professional divers, drillers, technicians, and surveyors.
Our vision is to be the "contractor of choice" in the offshore oil and gas services industry.
To achieve this vision, Mermaid mission is to provide essential services in the areas of subsea engineering and offshore drilling to the offshore oil and gas industry that is safe, efficient, on time and on budget.
To this end, Mermaid has built up a team of highly skilled workforce, modern vessels and equipment, and a solid reputation in the market place for serving customers in the region from within the region.
Mermaid executes its mission around its RESPECT core values:
- RRespect for Customers, Shareholders, Employees, Service Partners and General Public
- EEnhancing value
- SSafety commitment and performance
- PProtecting the environment
- EEthical business standards
- CCompliance with policies & procedures
- TTechnically leading solutions
The relentless focus on customer satisfaction and RESPECT has resulted in Mermaid winning repeat customers and new customers over the years. It is also an achievement that we intend to use as the foundation for our further growth.
Before offshore underground hydrocarbon deposits can be extracted for oil and gas, it must first go through exploration, installation and commissioning which can take between 3-5 years to complete. We offer our customers subsea installation support and cable lay support during this phase. This is followed by the production phase which can last up to 30 years. In this phase, we provide our customers with production drilling and regular survey, inspection, repair and maintenance services. We also offer emergency call out services and salvage services when required. In fact, most of Mermaid's business is in supporting the production phase of the E&P process. It is also traditionally the more stable and long term part of the upstream oil and gas value chain.
- Inspection, Repair & Maintenance (IRM)
- Infrastructure Installation Support
- Remotely Operated Vehicle (ROV) Support
- Cable & Flexible Pipe Laying
- Offshore Drilling and Work Over Service
- Accommodation Rig Service
Mermaid has a track record of successful projects with reputable clients. This is our most valuable asset next to our people. We are also fully compliant with international standards on vessels and equipment which gives us the ability to compete on an international scale. Customers also value us for our excellent health, safety and environment track record. With operational bases in Thailand, Singapore, Indonesia, Qatar, Saudi Arabia and the United Arab Emirates, we have the capability and resources to handle large and small projects as required and are able to quickly respond to customers within the region at all times and in all situations. Putting all this together, we believe we can offer customers the best service at competitive prices.
We service generally three groups of customers: (1) National Oil Companies including Saudi Aramco, Qatar Petroleum, PTT Exploration and Production and Pertamina, (2) International Oil and Gas Majors such as Chevron, BP, Shell and Exxonmobil, (3) Independent Oil Service Contractors such as Saipem, LS Cable, Bibby and CUEL. Geographically, we operate predominantly in South East Asia and the Middle East where 90 percent of our business comes from repeat customers.
We strive to grow our business through servicing existing clients as well as growing our client base. We realize that all our customers have invested a lot in their respective businesses and desire to find specialized contractors like us to support them to achieve their production targets. As customer satisfaction is key in this business, we treat all customers with the highest degree of care and deliver customized solutions for them to meet their objectives on time, safely, efficiently and within their budget. This work culture has accounted for much of our international successes to date.
Our earnings are generally balanced between our two businesses and we intend to see this balance maintained so that our shareholders can receive a diversified portfolio of returns. To this end, we are constantly looking for opportunistic growth in both our subsea and offshore drilling businesses that will add to our bottom line results.
To further accelerate our growth, we are also studying other strategic options such as mergers and acquisitions. While it is sound business practice to focus on growth to reach one economies of scale after another, we also continue to keep an eye to delivering maximum bottom line results for our shareholders.
Asia Offshore Drilling owns and operates three high-specification jack-up rigs built in Singapore and delivered in 2013. All three rigs are currently contracted in Saudi Arabia until 2019. The venture with Seadrill (with Seadrill holding 66.24% stake and Mermaid holding 33.76% stake) has been a successful one to date. These rigs have gone through customization to serve offshore oil and gas fields in Saudi Arabia and we therefore expect all of them to remain on contract for the long term. Our partner Seadrill is one of the largest drilling contractors in the world, and this demonstrated the value they see in partnering us and the confidence they have in Mermaid.
Our personnel are our most important asset because nothing can be done without the people. An important factor to Mermaid's success internationally is its ability to recruit, train and retain qualified and experienced personnel. This is a highly skilled business where job mobility is very high for those with the right skills. We are fortunate to have been able to retain our key operations management team over the past few years. Our safety record and family approach to our work culture have also contributed to making Mermaid a choice employer for many.
Health, safety and care for the environment remain our first priority under our Zero Incident Program. As a result, we have received numerous safety awards and commendations from customers over the years. We regularly take a proactive role to addressing potential risks and we have a robust risk management system in place to address general business risks identified from time to time.
Since our CEO came on board in 2012, Mermaid has achieved a strategic turnaround in its business expansion and bottom line results. With strong support of all our team members, we not only tripled our profits in 2013 compared to 2012, we again tripled our profits yoy in 2014.
2015-2016 however may prove to be challenging with the formidable industry challenges resulting from the combination of lower oil prices, customers' cutback in E&P spending and excess industry capacity. We will remain focused to realize further cost reductions and improve operating efficiencies while upholding our high service standards. We will continue to pursue both product and geographical market expansion strategy.
We aspire for Mermaid to become a premium oil service provider and to consistently deliver enhanced returns to shareholders. We aim to achieve this by delivering world class service to the region from within the region. Our superior balance sheet position puts us in good stead not only to compete but also to take advantage of any opportunistic acquisitions.