Mermaid Maritime (DU4.SG) down 4.6% at $0.415 vs $0.40 intraday low, volume moderate at 1.2 million shares; fall comes after as oil & gas drilling group reports THB456.1 million ($19.9 million) FY loss.

DBS Vickers, which has Hold rating, lowers target to $0.49 from $0.52, says losses larger than expected, despite in-line revenue, due to Subsea division which suffered on back of lower utilisation, day rates, inherently high operating leverage.