Mermaid Marine Australia has taken a 3.3 per cent fall in profit for the full-year, down to $53.9 million.
Mermaid Marine Australia has taken a 3.3 per cent fall in profit for the full year, down to $53.9 million.
The company said that, taking into account costs associated with the Jaya acquisition and a small contribution to earnings following the settlement, its profit result was in good standing.
Mermaid Marine had reported revenue of $594.6 million, a 30.1 per cent increase on last year, and announced a final dividend of 7 cents per share, bringing its full-year dividend amount to 12.5 cents per share.
“The Australian offshore oil and gas market continues to be strong with four major projects with a capital cost of over $75 billion in the early stages of construction,” Mermaid Marine chairman Tony Howarth said.
“The Gorgon project construction phase is however nearing completion, having an impact on overall demand within the region.
‘‘During the year, Mermaid Marine positioned itself for future growth through the acquisition of the Jaya Holdings business, delivering immediate scale in the key international markets and significantly enhancing the fleet.”
Mermaid Marine managing director Jeff Weber said the company’s strong second half was offset by project delays and lower drilling activity.
In July, Mermaid Marine workers at its Dampier supply base was set to strike amid pay rate and job security issues, however the issues were resolved between the company and the Maritime Union of Australia one day before the strike was to begin.
“The Dampier Supply Base was impacted by lower Gorgon-related activity as the project’s land-based requirements transitioned from construction to ongoing production,” Mr Weber said.
“We secured a number of significant new contracts during the year including a major long-term production support contract with INPEX, which will contribute to earnings from FY16.
“Mermaid Marine is well positioned to take advantage of ongoing activity in Australia and establish itself as a significant player in the international oil and gas support market.”
Mermaid Marine’s share price rose by 6.9 per cent to $2.32 per share at 1:50pm.
