Mermaid Maritime may be a prime candidate for privatization, but it has not stopped Malaysian bank CIMB downgrading the stock.

Analysts say they are concerned about delays in fresh contract wins for the company and believe that investors will shy away until contract visibility improves.

“Management previously guided that they expected cable-lay and subsea contracts to emerge by the second half of 2017, post the busy February to March bidding season,” said Cezzane See and Lim Siew Khee.