Orderbook (OB): As of the second quarter of 2024, Mermaid Maritime’s orderbook reached an 11-year high, standing at US$976 million. This surge is driven by new decommissioning orders and the renewal of Inspection, Repair, and Maintenance (IRM) contracts at higher values.
Net Profit Growth: The company is projected to achieve impressive net profit growth of 22% in FY2024 and 70% in FY2025. This growth is attributed to the execution of larger-scale decommissioning projects and high-margin cable-lay orders. Valuation: Mermaid Maritime trades at a 33% discount to its global peers’ 2025 forward Price-to-Earnings (P/E) ratio.
