Mermaid Maritime Public Co., Ltd. · SGX:DU4
Mermaid Maritime Public — Q1 2024 Earnings Presentation
21 slides from Mermaid Maritime Public's earnings presentation, May 15, 2024
Slide 1: 1Q 2024 Results
1Q 2024 RESULTS May 15th, 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 respect t
Slide 2: Agenda
AGENDA Business Report Financial Review Business Outlook 2
Slide 3: Business Report
pouysoauy IL BUSINESS REPORT
Slide 4: 1Q 2024 Highlights
1Q 2024 HIGHLIGHTS In 1Q 2024, Mermaid Group recorded USD 88.0 m. of revenue from rendering of services, a remarkable increase of 101.8% YoY and 4.1% QoQ, as a result of a growth of main business sectors: Subsea IRM & Diving works, Cable Lay projects and T&I and Decommissioning projects. The Gro
Slide 5: Movement in Key Business Segment
MOVEMENT IN KEY BUSINESS SEGMENT YoY Net Profit (Loss) Change QoQ Net Profit Change (USD million) (USD million) +6.1 -0.7 -3.7 0.5 4.4 (4.9) -0.2 0.5 1Q 2023 Net Subsea Holding 1Q 2024 Net 4Q 2023 Net Subsea Holding 1Q 2024 Net Loss Profit Profit Profit Decrease Increase Decrease Increase When com
Slide 6: Revenue Breakdown
REVENUE BREAKDOWN +101.8% +4.1% YoY QoQ (USD million) 88.0 85.1 84.6 31% 34% 65.8 62.8 62.0 42% 54.9 29% 20% 11% 14% 35% 14% 43.6 40.4 18% 9% 23% 16% 26% 32% 36% 23% 28% 28% 28% 33% 32% 23% 23% 13% 19% 16% 35% 26% 24% 29% 37% 29% 22% 17% 25% 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q
Slide 7: Subsea IRM Sector
SUBSEA IRM SECTOR Revenue from Total Subsea IRM Utilization of Performing Subsea IRM Vessels (USD million) 46.0 41.6 97% 100% 100% 100% 83% 24.6 24.5 67% 27.2 8.4 21.4 366 16.1 248 273 297 14.4 210 20% 1Q 2023 4Q 2023 1Q 2024 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 Subsea IRM (Fleet) Subsea IRM (Non Flee
Slide 8: Cable Lay Sector and T&I and Decommissioning Sector
CABLE LAY SECTOR AND T&I AND DECOMMISSIONING SECTOR Revenue from Cable Lay Projects Revenue from cable lay sector remained the same level YoY as USD 12.2m (USD million) in 1Q 2023 and USD 12.1m in 1Q 2024. However, the revenue rose by +63.5% when compared QoQ. The increase mainly came from project
Slide 9: Costs & Expenses
COSTS & EXPENSES Vessel Running Costs (Owned Performing Vessels) • VRC of owned performing vessels(1) increased YoY from USD 4.4m in 1Q 2023 to USD 5.6m in 1Q 2024 because of higher repair and (USD million) maintenance costs from “Resiliant” that has been dry-docked 27.4 during 1Q 2024 and “Mermaid
Slide 10: Order Book
ORDER BOOK Total Order Book Order Book by Region 734 735 697 Middle East, 33% 735 MM 486 463 USD million 520 Asia Pacific & SEA, Africa, 3% 62% North Sea, 2% 320 337 63 69 25 23 79 96 14 232 245 At the end of March 2024, the order book was at 163 169 176 USD 735 m. Mermaid Group has secured multiple
Slide 11: Geographical Presence
GEOGRAPHICAL PRESENCE Vessels in UK Operational Region Island Valiant Vessels in APAC DSV Van Gogh DLB Resiliant + ZD Libra Vessels in KSA DLB Huan Qiu 1200 Mermaid Asiana HLV Hilong 106 Zamil 63 TC Mermaid + Scena 2803 Zamil 64 UK MP Valour Zamil 65 MP Endurance Zamil 601 Scena Sultan + Scena 2801
Slide 12: Financial Review
FINANCIAL REVIEW 12
Slide 13: 1Q 2024 Profit & Loss
1Q 2024 PROFIT & LOSS YoY QoQ (USD million) 1Q 2024 1Q 2023 Amount 1Q 2024 4Q 2023 Amount Change Change Income: Revenue from rendering of services 88.0 43.6 +44.4 88.0 84.6 +3.4 Net gain on foreign exchange 0.8 - +0.8 0.8 - +0.8 Interest income and other income 0.5 0.7 -0.2 0.5 0.7 -0.2 Total income
Slide 14: Statement of Cash Flows
STATEMENT OF CASH FLOWS For the period ended 31 March Cash Flows (USD million) 2024 2023 Cash Flow From Operating Activities: Before changes in working capital 7.8 3.0 Changes in working capital (8.3) (5.1) Others (0.8) (0.7) Net cash used in operating activities (1.3) (2.8) Cash Flow From Investing
Slide 15: Statement of Financial Position
STATEMENT OF FINANCIAL POSITION Balance Sheet 31 Mar 31 Dec Change (USD million) 2024 2023 Cash & Cash Equivalents 23.6 30.3 -22.1% 31 Mar 31 Dec (USD million) Trade and Other Accounts Receivable 140.0 110.6 +26.6% 2024 2023 Other Current Assets 3.2 5.0 -36.0% Interest Bearing Debt Total Current Ass
Slide 16: Debt Maturity Profile
DEBT MATURITY PROFILE Interest-Bearing Debt Maturity USD 87.2 M Yearly Repayment Strategy (31 March 2024) As at 31 March 2024, there are outstanding loans of USD 87.2 million consisting of: (USD 87.2 million) • USD 18.2 million of long-term loans from financial institution • USD 69.0 million of lo
Slide 17: Business Outlook
BUSINESS OUTLOOK 17
Slide 18: Business Outlook
BUSINESS OUTLOOK 1 The April Short-Term Energy Outlook (STEO) issued by the EIA notes the crude oil spot price forecast is expected to average USD 90 per barrel in the second quarter of 2024 (2Q24), $8/b more than our last outlook presentation and average USD 87 per barrel in 2025. This upward traje
Slide 19: Business Outlook
BUSINESS OUTLOOK 4 The market uptick has resulted in our owned, jointly-owned, and chartered-in fleet achieving the targeted utilization figures. The intermediate outlook remains highly optimistic, with construction engagements actively mobilizing. The substantial investment plans of Middle Eastern
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: A Company Moving Forward
A Company Moving Forward ir@mermaid-group.com www.mermaid-group.com
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