Mermaid rides on shallow water fields

Singapore

OIL price declines may not affect the fortunes of offshore and marine companies engaged in shallow-water activity as well as those concentrated in the production phase. Mermaid Maritime's latest set of results reflects that this analysis may be spot-on.

On Thursday, the mainboard-listed Mermaid announced that its net profit for the fiscal year ended Sept 30, 2014, trebled to US$45.2 million, from US$15.7 million a year ago, buoyed by strong demand for its services and particularly contribution from associate company Asia Offshore Drilling Limited (AOD). This despite plummeting oil prices since the last quarter that has sent industry investors into panic.