Mermaid Maritime Public Company Limited
DU4.SI
Stock Exchange of Singapore0.10
SGD
+0.00
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Mermaid Maritime Public Company Limited
DU4.SI
(Stock Exchange of Singapore)
Recent
price
0.10
P/E
ratio
- -
div
yld
- -
ROIC.AI
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- Business
- Mermaid Maritime Public Company Limited is an international subsea services company specializing in full turnkey services for offshore oil and gas majors. Its core offerings include inspection, repair, and maintenance (IRM) services; transportation and installation (T&I) services; cable laying services; subsea vessels operation; diving and remotely operated vehicle (ROV) services; submarine product installation including cable transportation, installation engineering, surveys, cable installation with accessories, shore and platform cable pull-ins; offshore construction support; hydrographic and positioning surveys; and personnel and equipment provision. The company also delivers services through a diversified fleet of specialized vessels and advanced diving systems. Mermaid Maritime operates primarily across Southeast Asia, the Middle East, and increasingly in new geographies such as Africa, the UK, and potentially Australia and the North Sea. Founded in 1983 and headquartered in Bangkok, Thailand, Mermaid Maritime is a subsidiary of Thoresen Thai Agencies Public Company Limited. Recent strategic developments include the acquisition of four newbuild work-class remotely operated vehicles from Norway, a key investment to enhance operational capability. The company has secured approximately $430 to $500 million in new offshore project awards in the Middle East, reflecting its growing regional footprint. Mermaid Maritime has expanded its fleet by chartering saturation diving vessels to capture increased global demand, positioning itself to control nearly 10% of the global saturation diving fleet in its service space. The group has ventured into the offshore wind cable installation market and qualified as a decommissioning service provider, signaling diversification in energy-related subsea services. Mermaid also focuses on operational consolidation and rationalization, cost efficiency improvement, and enhanced fleet size with a cautious approach to capital expenditure to sustain financial flexibility. These actions form part of its “Strengthening our Core” strategy to safeguard the home market and facilitate growth into new sectors such as carbon capture and decommissioning, while expanding geographically in mature and emerging markets.