Mermaid Group reports decline in revenues and profit but solid liquidity position

The Thailand-based company said total revenue for Q1 2026 was US$82.1M, a year-on-year decrease of US$35.1 compared to US$117.2M in 1Q 2025, and a quarter-on-quarter decline of US$24.2M compared to US$106.3M in 4Q 2025.

EBITDA for 1Q 2026 was US$0.3M, a year-on-year decline of US$0.9M and a quarterly decline of US$7.8M.

The company said the fall in revenue and EBITDA were mainly due to lower T&I and decommissioning revenues following the completion of high-value projects in the APAC region, as well as reduced revenues and higher project costs on a cable-lay project, due to weather-related downtime and geopolitical developments in the Middle East.

These effects were partially offset by quarter-on-quarter and year-on-year growth in IMR revenue, supported by high utilization of the company’s owned fleet and contributions from chartered vessels.

The group incurred a net loss of US$2.9M for 1Q 2026, representing a year-on-year improvement of US$4.9M compared to a net loss of US$7.8M in 1Q 2025, primarily attributable to lower depreciation costs and higher tax credit.

On a quarter-on-quarter basis, the net result declined by US$4.7M from a net profit of US$1.8M in 4Q 2025, after excluding the reversal of impairment losses on assets, mainly due to the above-mentioned operational impacts. Net cash generated from operating activities for the period ended 31 March 2026 amounted to US$11.5M.

Mermaid Group says it maintained a solid liquidity position, with a current ratio of 1.74x and a debt-to-equity ratio of 0.41x. As of 31 March 2026, the total order book amounted to US$753M.

Mermaid Group has secured multiple project awards across the Middle East, Southeast Asia, the North Sea, and Western Sub-Saharan Africa, encompassing both short-term commitments and long-term contracts extending through FY2036.

The Middle East remains the group’s primary engine, driven by consistent IMR demand and expanding cable-lay activity. Mermaid Group said operations in the APAC region continue to benefit from life cycle and decommissioning activity, while North Sea operations maintain a focus on P&A and mature basin services. Africa continues to deliver steady performance, supported by ongoing saturation diving campaigns and repeat client engagement.