Performance Highlights
The key numbers from our 2Q 2025 Profit & Loss
| (USD MM) | 2Q 2025 | 2Q 2024 | YoY Amount Change | 2Q 2025 | 1Q 2025 | QoQ Amount Change |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue from rendering of services | 112.4 | 158.0 | (45.6) | 112.4 | 117.2 | (4.8) |
| Interest income and other income | 0.4 | 0.5 | (0.1) | 0.4 | 0.5 | (0.1) |
| Total income | 112.8 | 158.5 | (45.7) | 112.8 | 117.7 | (4.9) |
| Expense | ||||||
| Costs of rendering of services | 111.6 | 147.5 | (35.9) | 111.6 | 116.5 | (4.9) |
| Administrative expenses | 6.1 | 6.1 | +0.0 | 6.1 | 6.7 | (0.6) |
| Net loss on foreign exchange | 1.9 | 0.3 | +1.6 | 1.9 | 0.6 | +1.3 |
| Finance costs | 2.2 | 2.2 | +0.0 | 2.2 | 2.1 | +0.1 |
| Total expenses | 121.8 | 156.1 | (34.3) | 121.8 | 125.9 | (4.1) |
| Profit (loss) from operation | (9.0) | 2.4 | (11.4) | (9.0) | (8.2) | (0.8) |
| Share of profit (loss) of joint ventures and associate | 1.4 | 1.0 | +0.4 | 1.4 | 0.3 | +1.1 |
| Profit (loss) before income tax expense | (7.6) | 3.4 | (11.0) | (7.6) | (7.9) | +0.3 |
| Tax income (expense) | (0.1) | (0.5) | +0.4 | (0.1) | 0.1 | (0.2) |
| Net profit (loss) for the period | (7.7) | 2.9 | (10.6) | (7.7) | (7.8) | +0.1 |
| Earnings per share (US Cents) | (0.6) | 0.2 | (0.8) | (0.6) | (0.5) | (0.1) |
| EBITDA | 0.1 | 12.4 | (12.3) | 0.1 | 1.2 | (1.1) |
Total Order Book
- Cable Lay
- Subsea IRM
- T&I and Decommissioning
Order Book by Region
At the end of June 2025,the order book was at USD 688 m.
Mermaid Group has secured multiple project awards across Southeast Asia, the Middle East, the North Sea, and Western Sub-Sahara, covering both short- and long-term contracts extending through to FY2036. The order book includes services such as cable laying, subsea pipeline tie-in, inspection, repair and maintenance (IRM), and T&I and decommissioning.