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Mermaid Maritime kept at 'reduce' as Seadrill mulls decision

Samantha Chiew
Samantha Chiew11/16/2017 10:58 AM GMT+08  • 2 min read
Mermaid Maritime kept at 'reduce' as Seadrill mulls decision
SINGAPORE (Nov 16): CIMB is maintaining its “reduce” call on Mermaid Maritime with a target price of 14 cents, as the group’s 3Q17 results were largely below expectations.
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SINGAPORE (Nov 16): CIMB is maintaining its “reduce” call on Mermaid Maritime with a target price of 14 cents, as the group’s 3Q17 results were largely below expectations.

The group on Monday announced that it recorded a loss of US$2.04 million ($2.77 million) in 3Q17, compared to earnings of US$7.49 million in 3Q16.

Revenue decreased 41.2% y-o-y and 32.1% q-o-q to $30.6 million, on the back of fewer project executions due to delays in Southeast Asia (SEA) projects and political uncertainties in the Middle East.

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