Bangkok: Thai outfit Mermaid Maritime has seen revenue climb 20% in the third quarter and operating profits leap 96%. The Singapore-listed offshore player managed sales of Baht1.75bn, and an operating profit of Baht113.1m.
In the results announcement the company said the search for a new ceo was ongoing following the August 15 departure of Bruce Muir Gemmell. Moreover, an executive committee has been formed to increase oversight and participation in Mermaid’s growth.
Noteworthy statistics from the Mermaid release included the fact that modern tender rigs are currently achieving utilisation rates of 95% and older tender rigs achieving rates of up to 85%. Meanwhile, the industry utilisation rate for newer jack-up rigs (post 1990) with more than 300 ft water depth capacity, remains above 95% globally. [24/08/12]