Stephen Davey steps down as Mermaid Maritime executive

The 63-year old executive resigned due to personal and family reasons.

As executive director for Mermaid Offshore Services Ltd., Davey was responsible for “managing and providing leadership for the subsea engineering services business of the company,” according to a statement submitted by Mermaid Maritime to SGX.

Davey was appointed company executive on September 16, 2010.

During his time stint at MOS, Davey completed a business reorganization and identified a number of key performance improvement areas that are currently being undertaken.

According to Mermaid Maritime, Davey also “contributed to increasing order backlog, based on letters of intent, by more than 10 times during the past six six months.”

“Mr. Davey leaves MOS in a stronger position to recover from what has been extremely difficult market conditions with fleet utilization trending towards target levels. The company would like to thank Mr. Davey for his contributions and wish him all the success in his future endeavors,” Mermaid Maritime stated.