Thailand-based Mermaid Maritime managed to trim its losses for its 2011 financial year following a significant boost to business in the subsea division, Seatrade Asia online reports. Net loss for the year ended 30 September 2011 narrowed to THB161.35m ($5.16m) compared to a loss of THB456.48m in the previous financial year, the company announced on Monday.
The company's subsea division saw asset utilisation rose from 39.5% in 2010 to 69.1% in 2011. Average day rates increased by 11.7% in US dollar and 3% in Thai baht this year.
“For 2012, a further uptick in utilisation and margins is expected as the supply/demand balance remains tight. The outlook for 2013 onwards is bullish, as growth in fleet sizes is expected to lag spending growth,” Mermaid Maritime said.
Mermaid Maritime registered revenue of THB5.54bn this year, up 59.4% from THB3.48bn a year ago.
The company's subsea division saw asset utilisation rose from 39.5% in 2010 to 69.1% in 2011. Average day rates increased by 11.7% in US dollar and 3% in Thai baht this year.
“For 2012, a further uptick in utilisation and margins is expected as the supply/demand balance remains tight. The outlook for 2013 onwards is bullish, as growth in fleet sizes is expected to lag spending growth,” Mermaid Maritime said.
Mermaid Maritime registered revenue of THB5.54bn this year, up 59.4% from THB3.48bn a year ago.