Performance Highlights
The key numbers from our FY 2025 Profit & Loss
| (USD MM) | FY 2025 | FY 2024 | YoY Amount Change |
|---|---|---|---|
| Income | |||
| Revenue from rendering of services | 489.3 | 513.3 | (24.0) |
| Reversal of impairment loss on property, plant and equipment | 4.4 | 9.9 | (5.5) |
| Interest income and other income | 2.6 | 2.1 | +0.5 |
| Total income | 496.3 | 525.3 | (29.0) |
| Expenses | |||
| Costs of rendering of services | 456.0 | 475.2 | (19.2) |
| Administrative expenses | 25.7 | 25.4 | +0.3 |
| Net loss on foreign exchange | 2.4 | 1.2 | +1.2 |
| Finance costs | 9.0 | 8.7 | +0.3 |
| Total expenses | 493.1 | 510.5 | (17.4) |
| Profit from operations | 3.2 | 14.8 | (11.6) |
| Share of profit of joint ventures and associate | 4.9 | 1.6 | +3.3 |
| Profit before tax expense | 8.1 | 16.4 | (8.3) |
| Tax expense | 0.7 | 2.2 | (1.5) |
| Profit for the year | 7.4 | 14.2 | (6.8) |
| Earnings per share (US Cents) | 0.4 | 1.0 | (0.6) |
| EBITDA (excluding share of profit and reversal of impairment loss) | 33.6 | 44.2 | (10.6) |
| Net Profit excluding Reversal of Impairment Loss | 3.0 | 4.3 | (1.3) |
Total Order Book
- Cable Lay
- Subsea IRM
- T&I and Decommissioning
Order Book by Region
As at 31 December 2025, the Group’s order book stood at USD 726 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 repairand maintenance (IRM), cable laying, subsea pipeline tie-in, inspection, and T&I and decommissioning.