Mermaid Maritime (DU4.SG) down 4.6% at $0.415 as oil & gas drilling group reports THB456.1 million ($19.9 million) loss for FY ended September vs THB714.5 million profit year earlier, warns of continued drag on bottomline by subsea unit.

Results hurt by lower day rates, asset utilisation for subsea business, which offset profits from drilling unit.

Hefty admin expenses related to 2 acquisitions earlier this year, FX losses also hit bottomline. Mermaid expects pressure on subsea rates to persist next year due to decreased global demand, increased sector-wide supply of vessel.