Mermaid Maritime back on course

AFTER two years of losses in 2010 and 2011 and numerous top management changes, Mermaid Maritime Plc (Mermaid) appears to be back on course with a steady income from an order book of US$650 million and long-term charters for both its offshore drilling and sub-sea divisions.

With many of the long-term charters having started in the second half of this year, some analysts say Mermaid should expect to achieve higher earnings in FY2014, when the group recognises a full-year contribution from these contracts.

At a media interview yesterday, Mermaid CEO Chalermchai Mahagitsiri said the strong earnings recovery in FY2013 was partly a result of management's strategy to "synergise our subsidiaries, to provide one-stop services and try to secure more long-term contracts and better margins for our services".