The seas have calmed for Mermaid Maritime

SINGAPORE (Jan 9): DBS Vickers Securities is turning positive on Mermaid Maritime, upgrading its call on the stock from “hold” to “buy” at a raised target price of 24 cents from 14 cents previously due to a more favourable risk-reward profile.

In a Monday report, analyst Suvro Sarkar says the risks for Mermaid Maritime have dissipated following its recent announcements of rig and vessel cancellations, in addition to the news of a three-year contract extension for the company’s associate jack-up rig, AOD III.

(See also: Mermaid Maritime’s associate AOD clinches contract extension for third jackup rig)

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