Mermaid Deputy CEO Resigns

Mermaid Maritime Public Company Limited has revealed that its deputy chief executive officer, Philippe Grasset, has resigned.

The reason given for Grasset’s resignation, which has an effective date of July 1, is “to pursue personal and other professional interests”. Grasset’s roles and responsibilities, which included overseeing the execution of “key” initiatives approved by the board, will be performed by other members of the company's management, Mermaid outlined.

Grasset was appointed as Mermaid’s deputy CEO in October last year. He has more than thirty years of experience of extensive management at senior executive level within international groups, strategic and operational experience, and proven track record of business turnaround and transformation in the oil and gas and energy industries, Mermaid’s website states.

Grasset previously worked as the executive vice president of Synova Power. Before that, he was the executive vice president of SNC Lavalin SAS - Oil & Gas, the France managing director of VICAT and the
senior vice president of onshore and offshore products business lines at Technip.

Mermaid describes itself as a “well-established” global oil service specialist. The company, which is headquartered in Thailand, provides subsea and drilling services to oil and gas majors operating offshore. According to its website, Mermaid’s vision is to be the “contractor of choice” in the offshore oil and gas services industry.

Earlier this month, Mermaid released its first quarter 2020 results, which showed a 14 percent year on year revenue decrease. The company also posted a net loss of $10.3 million during the period, which compared to a net loss of $7.4 million during the fourth quarter of 2019 and a net loss of $4.1 million during the first quarter of last year.

In its latest results statement, Mermaid said it is taking “painful but necessary measures” to lessen the impact of Covid-19 on its business by minimizing the hire of third-party vessel charters and implementing further measures to reduce its workforce.

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