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Performance Highlights

The key numbers from our 1Q 2025 Profit & Loss
(USD MM) 1Q 2025 1Q 2024 YoY Amount Change 1Q 2025 4Q 2024 QoQ Amount Change
Income
Revenue from rendering of services 117.2 88.0 +29.2 117.2 117.1 +0.1
Reversal of impairment loss on property, plant and equipment - - - - 9.9 (9.9)
Net gain on foreign exchange - 0.8 (0.8) - 1.0 (1.0)
Interest income and other income 0.5 0.5 +0.0 0.5 0.4 +0.1
Total income 117.7 89.3 +28.4 117.7 128.4 (10.7)
Expense
Costs of rendering of services 116.5 79.4 +37.1 116.5 109.7 +6.8
Administrative expenses 6.7 5.3 +1.4 6.7 7.3 (0.6)
Net loss on foreign exchange 0.6 - +0.6 0.6 - +0.6
Finance costs 2.1 2.3 (0.2) 2.1 2.0 +0.1
Total expenses 125.9 87.0 +38.9 125.9 119.0 +6.9
Profit (loss) from operation (8.2) 2.3 (10.5) (8.2) 9.4 (17.6)
Share of profit (loss) of joint ventures and associate 0.3 (1.2) +1.5 0.3 1.3 (1.0)
Profit (loss) before income tax expense (7.9) 1.1 (9.0) (7.9) 10.7 (18.6)
Tax income (expense) 0.1 (0.6) +0.7 0.1 (1.0) +1.1
Net profit (loss) for the period (7.8) 0.5 (8.3) (7.8) 9.7 (17.5)
Earnings per share (US Cents) (0.5) 0.0 (0.5) (0.5) 0.7 (1.2)
EBITDA 1.2 11.5 (10.3) 1.2 9.6 (8.4)
Net Profit Before Net Loss on Foreign Exchange (7.8) 0.5 (8.3) (7.8) (0.2) (7.6)

Total Order Book

  • Cable Lay
  • Subsea IRM
  • T&I and Decommissioning
Order Book by Region
683 MM

At the end of March 2025,the order book was at USD 683 m.

Mermaid Group has secured multiple project awards in the South East Asia, Middle East, North Sea and Western Sub-Sahara regions for both the short-term and thelong-term through to FY2027. The order book included Cable Laying, Subsea Pipeline Tie-in, Inspection, Repair & Maintenanceand T&I and Decommissioning services.