Performance Highlights
The key numbers from our 1Q 2026 Profit & Loss
| (USD MM) | 1Q 2026 | 1Q 2025 | YoY Amount Change |
|---|---|---|---|
| Income | |||
| Revenue from rendering of services | 82.1 | 117.2 | (35.1) |
| Reversal of impairment loss on property, plant and equipment | - | - | - |
| Interest income and other income | 0.8 | 0.5 | +0.3 |
| Total income | 83.0 | 117.7 | (34.7) |
| Expenses | |||
| Costs of rendering of services | 79.9 | 116.5 | (36.6) |
| Administrative expenses | 7.2 | 6.7 | +0.5 |
| Net loss on foreign exchange | - | 0.6 | (0.6) |
| Finance costs | 1.9 | 2.1 | (0.2) |
| Total expenses | 89.0 | 125.9 | (36.9) |
| Profit (loss) from operations | (6.0) | (8.2) | +2.2 |
| Share of profit of joint ventures and associate | 1.4 | 0.3 | +1.1 |
| Profit (loss) before tax expense | (4.6) | (7.9) | +3.3 |
| Tax expense | 1.7 | 0.1 | +1.6 |
| Net profit (loss) for the period | (2.9) | (7.8) | +4.9 |
| Earnings per (loss) share (US Cents) | (0.1) | (0.5) | +0.4 |
| EBITDA (excluding share of profit and reversal of impairment loss) | 0.3 | 1.2 | (0.9) |
| Net Profit (loss) excluding Reversal of Impairment Loss | (2.9) | (7.8) | +4.9 |
Total Order Book
- Cable Lay
- Subsea IRM
- T&I and Decommissioning
Order Book by Region
As at 31 March 2026, the Group’s order book stood at USD 753 million.
Mermaid Group has secured multiple project awards across the Middle East, Southeast Asia, the North Sea, and Western Sub-Sahara Africa, covering both short-term and long-term contracts extending through to FY2036. The order book includes services such as inspection, repair and maintenance (IRM), cable laying, subsea pipeline tie-in, and T&I and decommissioning.