SINGAPORE (Aug 10): Mermaid Maritime saw 2Q earnings drop by 50.3% to US$7.7 million ($10.3 million) on the back of lower revenue.

Revenue from the rendering of services fell 54% to US$49.6 million as Mermaid's subsea group reported lower income, due mainly to a decrease in cable lay projects and lower utilisation of performing vessels.

For the half-year period, the group posted earnings of US$9.01 million compared to a loss of US$220,00 a year ago. Revenue from rendering of services was 47% lower at US$89.2 million.

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