Maridive, the maritime and petroleum services company, reported substantial losses amounting to $21.16 million for the year 2025, reflecting a 234.8% increase compared to its losses of $6.32 million in 2024.
Despite these losses, the company's consolidated revenues saw a notable increase, reaching $78.58 million, compared to $65.92 million in the previous year.
Event Details
The extraordinary general assembly of Maridive approved the company's relinquishment of a designated area in Port Said, along with an amendment to a clause in the articles of association. The assembly agreed to the company's relinquishment of a 500 square meter area in plot number 13 in row F within the public free zone of Port Said, in favor of the free zone administration.
The assembly also decided to allocate a new administrative headquarters for the company in the service building of the dry dock area, along with an amendment to article number (4) of the company's articles of association.
In a strategic move, Maridive's board of directors decided to sell the vessel Harmouni DUA for a total amount of $5 million. This decision was based on a fair value report issued by RSM Financial Consulting, which estimated the vessel's value between $4.6 million and $5.6 million.
Background & Context
Maridive has entered into a contract in the UAE with a contractual value of $8.95 million, which includes the execution of exploration support, maintenance, and production work in the petroleum sector for a duration of 3 years. The contract is set to commence in the first quarter of 2026.
The company also revealed that its subsidiary, Maridive Offshore Projects Egypt, signed a contract in Qatar, which includes the execution of maintenance and production support work in the Qatari petroleum sector for a duration of 15 years with an annual value of $10.15 million.
Impact & Consequences
Maridive aims to improve its financial performance by taking strategic steps such as asset sales and restructuring its management. Appointing Zakari Financial Consulting as an independent financial advisor is a significant step towards evaluating the company's owned assets, which could lead to strategic decisions that enhance its returns.
If evaluations result in the application of article 43 bis of the listing rules, the company will take the necessary legal actions, reflecting its commitment to transparency and compliance with laws.
Regional Significance
Maridive is considered one of the leading companies in the maritime and petroleum services sector in the region, playing a pivotal role in supporting petroleum projects in Arab countries. Its current financial results reflect the challenges faced by the sector, especially amid global economic fluctuations.
The company seeks to strengthen its presence in Arab markets through new contracts, which may contribute to its financial stability and increased revenues in the future.