By Jiahui Huang
Mermaid Maritime’s shares rose after the Singapore-listed oil services provider said it won multiple contracts that would likely boost earnings from this year.
The stock was up 12% at S$0.08 (6 U.S. cents) in morning trade, its biggest intraday gain in over a year, according to FactSet. Shares are up 11% so far this year.
The company said Thursday that its subsidiaries in Thailand, the Middle East, Western sub-Saharan Africa and the U.K. have received US$485 million worth of contracts.
The projects include cable laying, subsea pipeline tie-ins, inspection, repair and maintenance, decommissioning, and other related services, starting this year and expected to be completed in 2025.
The new contracts are expected to contribute positively to earnings per share and to net tangible assets holdings for 2023 and beyond.
Write to Jiahui Huang at [email protected]; @ivy_jiahuihuang
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