Here's the main culprit behind Mermaid Maritime's 2Q losses

Subsea fleet utilisation also fell to 53%.

According to CIMB, Mermaid Maritime's 2Q results were in line (flat yoy) and underscore its confidence that Mermaid is in for a very strong 2H, especially as its key assets are contracted. 2Q losses stemmed from downtime of the MTR-2 tender rig as it underwent a 5-year mandatory survey. In contrast, MTR-1 was not utilised in 2Q.

Here's more:

Utilisation for its subsea fleet fell to 53% vs. 59% for 2Q12. The key positive was an increase in average day rates by 20% yoy to US$57,740, which offset drop in utilisation. Mermaid had more vessels on subsea services vs. merely chartering out vessels.

Additionally, turnover for Subtech (the group’s Middle Eastern company) jumped 2x yoy as work for the 5-year US$530m contract got underway. On the other hand, turnover for Seascape dropped by 18% yoy as one of its vessels was dry-docked.