Do not conform to the pattern of this world but be transformed by the renewing of your mind. Then you will be able to test and approve what God’s will is—his good, pleasing, and perfect will.
Romans 12:2-4 NIV
Mermaid Maritime
Mermaid Maritime Public Company Limited, listed on the Singapore Exchange, is a prominent player in the offshore oil and gas sector across Southeast Asia and the Middle East. Founded in 1983 and headquartered in Bangkok, Thailand, Mermaid Maritime provides a wide range of subsea and marine services. These include subsea engineering, offshore inspection, maintenance and repair operations, and offshore drilling services.
The Group’s extensive fleet of specialized vessels and state-of-the-art equipment, coupled with a skilled multinational workforce, enables Mermaid Maritime to deliver comprehensive solutions tailored to the unique needs of its global clientele. The company prides itself on a robust safety culture and operational excellence, driving sustainable growth in the offshore energy markets.
For more information, please visit their corporate website at https://www.mermaid-group.com.

Recent Developments
- 24 Nov 2025 General Announcement::Minutes of Extraordinary General Meeting held on 28 October 2025
- 13 Nov 2025 General Announcement::Use of Proceeds from the Rights Issue
- 13 Nov 2025 General Announcement::Analyst Presentation - Third Financial Quarter 2025
- 13 Nov 2025 Financial Statements and Related Announcement::Third Quarter Results
- 13 Nov 2025 General Announcement::Establishment of Joint Venture Company in Equatorial Guinea
Investment Merits
- Integrated Services: Offers a full range of subsea and drilling services to the offshore oil and gas industry.
- Global Presence: Operates in key oil and gas regions worldwide.
- Advanced Fleet: Utilizes modern vessels and equipment, enhancing operational efficiency.
- Long-Term Contracts: Secures stable revenue through long-term contracts with major oil companies.
- Technical Expertise: Strong engineering and project management capabilities.
- Safety Record: Maintains a strong safety and operational performance record.
- Market Recovery: Positioned to benefit from the recovery in the oil and gas sector.
- Strategic Alliances: Partnerships and alliances expanding service capabilities and market reach.
- Financial Resilience: Solid financial management ensuring stability through industry cycles.
In The News
Research
| Brokerages | Report | Analysts | Recommendation | TP |
|---|---|---|---|---|
| CGS CIMB | Download File | Meghana KANDE LIM Siew Khee |
ADD | S$0.20 |
| CGS CIMB | Download File | Meghana KANDE LIM Siew Khee |
ADD | S$0.20 |
Stock Information
(as of 02 September 2024)
| Price | Market Cap (SGDm) | Enterprise Value (SGDm) |
|---|---|---|
| SGD 0.1340 | 189.39 | 330.68 |
Key Financial Highlights
| Key Highlights | TTM (SGD) |
|---|---|
| Revenue | 311.19M |
| Net Income Available to Common | 14.65M |
| Profit Margin | 4.71% |
| Return on Assets | 4.06% |
| Return on Equity | 9.09% |
| Price/Sales (ttm) | 0.35 |
| Price/Book (mrq) | 0.84 |
| Enterprise Value/Revenue | 0.61 |
| Enterprise Value/EBITDA | 4.86 |
| Total Cash (mrq) | 23.6M |
| Total Debt/Equity (mrq) | 62.12% |
| Levered Free Cash Flow (ttm) | -25.34M |