Mermaid Maritime booked net profit of US$3.6 million in the second quarter (Q2) this year, dropped 53.8% from US$7.8 million profit in Q2 last year. Turnover declined 10.3% to US$44.5 million due to no active cable lay projects. Although an overall market challenge, utilization rate of major vessels still improved. Order book stood at US$98.6m at the end of June 2017. Market appears to have bottomed-out, but oil prices have continued to hover around the US$50/bbl mark. This in turn has prevented several CAPEX projects going ahead. Mermaid is a leading international subsea and offshore drilling services company. Its operational bases are in Thailand, Singapore, Indonesia, Qatar, Saudi Arabia and the United Arab Emirates.