Profits dipped at offshore vessel contractor Mermaid Maritime during the second quarter of 2017 as utilisation rates slid.
The Thailand-headquartered company said its income was hit by an absence of cable lay projects during the three months.
Pre-tax profits fell 54% to £3.6million while revenues dropped by 10% to $44.5million.
Second-quarter vessel utilisation dropped to 42%, compare to 45% in the same period last year.
However, the company said its balance sheet remained healthy while its order book stood at $100million as of June 30.
Mermaid said it was focused on rounding up new customers in new regions, as well as in Singapore and the Middle East.
A Mermaid spokesman said: “Regional repositioning of key assets may now be required by Mermaid as we look to achieve better utilisation figures given the overall reduction in the amount of subsea work actually available.”
The Mermaid Challenger, Siam, Barakuda, MTR-1 and MTR-2 vessels are up for sale and are cold stacked to reduce costs.
The company owns seven subsea services vessels and has a further two chartered-in.
The fleet also includes two tender rigs and three jack-up drilling rigs.