Mermaid Maritime has been upgraded to a ‘buy’ by DBS on the back of what the bank described as its improved risk-reward profile.
“Mermaid’s recent announcement regarding the cancellation of its two newbuild tender rigs and one diving support vessel puts to rest the risk of obtaining financing associated with those units,” said DBS analyst Suvro Sarkar.
“With more good news coming from a three year contract extension secured for the associate jack-up rig AOD III, we are now turning positive on the stock due to a more favourable risk reward profile.
“Mermaid
