Maridive & Oil Services reported a 19% year‑on‑year increase in standalone revenues for the fiscal year ended December 31, 2025, reaching USD 78.6 million. Standalone operations delivered a gross profit of USD 33.3 million, up 25% from the previous year. This performance was driven by higher vessel utilization rates, adherence to scheduled maintenance timelines, and increased daily charter rates for certain marine units, according to the company’s disclosure to the stock exchange.
The Company also expanded its portfolio by offering a broad range of integrated solutions through its subsidiaries, while unit operating expenses declined under management’s cost‑rationalization policy. It further noted that geopolitical developments in the Gulf region occurring after the preparation of the financial statements had no impact on existing contracts or triggered cancellations.
Despite these operational gains, Maridive recorded a net loss of USD 21.2 million in 2025 — a 234% increase compared to the prior year. The disclosure attributed this to the sale of the Company’s entire ownership stake in UAE‑based Valentine Maritime Limited and its subsidiaries, effective June 30, 2025, alongside provisions set aside to cover the transaction.
On April 27, 2026, the Board of Directors, chaired by Shahira Zeid, authorized the Chairman to convene an Extraordinary General Assembly to address the Company’s continuity, as accumulated losses have surpassed half the value of shareholders’ equity.
Historically, Maridive & Oil Services has been a primary provider of offshore marine and construction services in the MENA region. The current strategic refocus on operational efficiency and the disposal of non-core assets aligns with the broader industry trend of rationalizing portfolios to navigate volatile global energy markets.
