Thai offshore player Mermaid Maritime has seen a dramatic reversal of its financial performance on the back of the strengthening offshore market.

The Singapore-listed company has just posted a first-quarter 2024 profit of $455,000 against a loss of $4.9m seen a year ago.

The company saw revenue for the quarter more than double from a year ago to $88m, however, this was partially offset by an 83.2%