Mermaid Maritime Public Co., Ltd. · SGX:DU4
Mermaid Maritime Public — Mermaid Maritime — Q3 2024 Earnings Presentation
23 slides from Mermaid Maritime Public's earnings presentation, Nov 13, 2024
Slide 1: 3Q 2024 Results
3Q 2024 RESULTS November 13th, 2024 www.mermaid-group.com Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. Mermaid Group accepts no liability whatsoever with resp
Slide 2: Agenda
AGENDA Business Report Financial Review Business Outlook 2
Slide 3: Business Report
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Slide 4: 3Q 2024 Highlights
3Q 2024 HIGHLIGHTS Mermaid Group continued to earn high revenues from rendering services in the 3-month period ended 30 September 2024 (“3Q 2024”) of USD 150.2 million, an increase of USD 65.0 million compared to the 3-month period ended 30 September 2023 (“YoY”), driven by growth in the cable lay
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS Revenue Gross Profit (1) (USD million) (USD million) +76.3%,YoY 158.0 150.2 -2.1%,YoY -4.9%, QoQ 19.3 17.8 18.9 +6.2%, QoQ 85.2 3Q 2023 2Q 2024 3Q 2024 3Q 2023 2Q 2024 3Q 2024 Note: (1) excluding depreciation cost EBITDA (2) Net Profit (USD million) (USD million) -25.7%,YoY 14.4
Slide 6: Revenue Breakdown
REVENUE BREAKDOWN (USD million) 158.0 160.0 150.2 140.0 120.0 59% 56% 100.0 85.1 84.6 88.0 80.0 65.8 62.8 62.0 31% 34% 42% 60.0 11% 29% 20% 11% 10% 35% 43.6 14% 18% 9% 40.0 26% 16% 23% 32% 28% 18% 19% 28% 33% 32% 20.0 23% 13% 19% 29% 37% 29% 26% 24% 12% 14% 22% 17% 0.0 3Q 2022 4Q 2022 1Q 2023 2Q 202
Slide 7: Subsea IRM
SUBSEA IRM Total Revenue from Subsea IRM Utilization of Operational Subsea IRM Vessels (USD million) 49.5 49.5 100% 48.0 87% 100% 83% 78% 27.2 28.3 28.7 67% 22.3 19.7 20.8 366 297 284 321 210 3Q 2023 2Q 2024 3Q 2024 20% 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 Subsea IRM (Short-term chartered-in fleet and
Slide 8: Cable Lay, and T&I and Decommissioning
CABLE LAY, AND T&I AND DECOMMISSIONING Revenue from Cable Lay Projects Revenue from cable lay projects grew by +77.9% YoY and +5.6% QoQ (USD million) to USD 16.9 million in 3Q 2024, due to a new project in the Middle East that started since 2Q 2024. 16.0 16.9 The vessel “Millennium 3” owned by M
Slide 9: Order Book
ORDER BOOK Total Order Book Order Book by Region 976 South East Asia, 41% 814 734 735 416 697 814 MM 355 North Sea, 4% USD million Middle East, 52% Africa, 3% 486 463 171 520 142 79 96 At the end of September 2024, the order book was at 389 14 317 USD 814 million. Mermaid Group has secured 163 169 1
Slide 10: Geographical Presence
GEOGRAPHICAL PRESENCE Operational Region Vessels in APAC DSV Van Gogh Vessels in KSA DLB Resiliant Mermaid Asiana DLB Huan Qiu 1200 Mermaid Endurer HLV Hilong 106 Zamil 63 TC Mermaid + Scena 2803 UK Zamil 64 MP Valour Zamil 65 MP Endurance Zamil 601 Scena Sultan + Scena 2801 Zamil 602 Scena Raja + S
Slide 11: Financial Review
FINANCIAL REVIEW 11
Slide 12: 3Q 2024 Profit & Loss
3Q 2024 PROFIT & LOSS YoY QoQ (USD million) 3Q 2024 3Q 2023 Amount 3Q 2024 2Q 2024 Amount Change Change Income: Revenue from rendering of services 150.2 85.2 +65.0 150.2 158.0 -7.8 Interest income and other income 0.7 0.4 +0.3 0.7 0.5 +0.2 Total income 150.9 85.6 +65.3 150.9 158.5 -7.6 Expenses: Cos
Slide 13: YTD Sep 2024 Profit & Loss
YTD SEP 2024 PROFIT & LOSS YTD YTD YoY Amount (USD million) Sep 2024 Sep 2023 Change Income: Revenue from rendering of services 396.2 190.8 +205.4 Interest income and other income 1.6 1.5 +0.1 Total income 397.8 192.3 +205.5 Expenses: Costs of rendering of services 365.5 168.3 +197.2 Administrative
Slide 14: Statement of Cash Flows
STATEMENT OF CASH FLOWS For the 9-months period ended Cash Flows (USD million) 30 Sep 2024 30 Sep 2023 Operating Before changes in working capital 39.7 24.6 Activities: Changes in working capital (21.0) (15.4) Tax paid and provision for employee benefit paid (5.3) (1.1) Net cash from operating activ
Slide 15: Statement of Financial Position
STATEMENT OF FINANCIAL POSITION Balance Sheet 30 Sep 31 Dec Change (USD million) 2024 2023 Cash & Cash Equivalents 27.6 30.3 -8.9% 30 Sep 31 Dec (USD million) Trade and Other Accounts Receivable 193.9 110.6 +75.3% 2024 2023 Other Current Assets 4.2 5.0 -16.0% Interest Bearing Debt Total Current Asse
Slide 16: Debt Maturity Profile
DEBT MATURITY PROFILE Interest-Bearing Debt Maturity USD 98.2 M Yearly Repayment Strategy (30 September 2024) As at 30 September 2024, there are outstanding (USD 98.2 million) loans of USD 98.2 million consisting of: • USD 17.7 million of short-term and long-term loans from financial institution •
Slide 17: Business Outlook
BUSINESS OUTLOOK 17
Slide 18: Business Outlook
BUSINESS OUTLOOK 1 The October Short-Term Energy Outlook (STEO) issued by the EIA revises the crude oil price forecast down to an average of $78 Per Barrel for 2025. This reduction primarily reflects an anticipated slowdown in global oil demand growth. However, recent tensions in the Middle East hav
Slide 19: Business Outlook
BUSINESS OUTLOOK 4 As of September 2024, Mermaid’s order book hit a record high of $814 million, showcasing its success in securing a variety of projects across key service areas. These projects include both short- and long-term contracts, ensuring revenue visibility through 2027. Mermaid’s new proj
Slide 20: Business Outlook
BUSINESS OUTLOOK 7 The establishment of a dedicated business unit for the North Sea has generated considerable enthusiasm within the organization. Leveraging the expertise of seasoned professionals in the region, the Group is poised to expand upon their proven track record. Initial successes include
Slide 21: Business Outlook
BUSINESS OUTLOOK 10 Mermaid is making significant strides in reclaiming our market share in Thailand and is steadfast in bolstering our presence in the decommissioning and IRM markets across Thailand and its neighbouring water. While returns in this region are presently below expectations, the momen
Slide 22: Mermaid
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Slide 23: A Company Moving Forward
A Company Moving Forward ir@mermaid-group.com www.mermaid-group.com