Mermaid Marine has posted an 18 per cent jump in first-half profit to $32.5 million. Picture: Gerald Moscarda/The West Australian.
Mermaid Marine has posted an 18 per cent jump in first-half profit to $32.5 million. Picture: Gerald Moscarda/The West Australian.

Mermaid Marine has posted an 18 per cent jump in first-half profit to $32.5 million on strong activity in the oil and gas industry off WA's North West coast

The result was achieved on revenue of $222 million up 15 per cent on the previous corresponding period.

The company lifted its interim dividend by 10 per cent to 5.5 cents a share, fully franked.

Mermaid said the result was driven by strong demand for services across each of its vessel, supply base and slipway businesses.

Chairman Tony Howarth said oil and gas activity on the North West Shelf was strong, with a number of projects under construction during the first half and significant drilling activity.

"The outlook for Mermaid's business remains positive, with investment in the Australian oil and gas sector at historical highs and a number of major new projects commencing development," he said.

Managing director Jeffrey Weber said vessel utilisation was high in the first half, averaging 81 per cent across the fleet.

"The Dampier supply base delivered a very strong first-half result driven by high demand for services, combined with the impact of increased infrastructure," he said.

"Activity on the supply base is expected to remain strong into the second half."

He said the company expected continued growth for the 2013 full-year.

Mermaid shares were off seven cents, or 1.73 per cent, to $3.98 at 9.15am.

The West Australian

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