Simple reason

i think there are too many over complicated calculations being done and a simple review of fundamentals may make sense

mermaid is not related to the direct price of oil unless oil field construction demand falls off, which of course it is likely to do going fwd.

it seems to be unanimous that the jaya acquisition is hurting, agree there and here is why:

if you look at the fleet composition of mermaid and jaya together, the vessels are pretty much the same type.
that is anchor handling tugs, barges, and psv's
the jaya fleet brings 4 bigger anchor handlers and 1 multi purpose vessel and 1 accommodation vsl to the team, with a few barges

The jaya fleet seems to bring nothing to the ability to expand Mermaids access to diverse markets

Previously reported, definitely agree that vessel rates are under significant pressure due to oversupply of offshore vessels and as a consequence of bulk ship owners having stepped into offshore arena to diversify over the years. the 5150 design tugs and anything without DP notation are "yesterdays tugs" and only good for the bottom end of town pulling barges - the work of which is being replaced by the PSV type vessels.

Shipyards are under huge pressure especially in Singapore competing against now experienced yards in china and Vietnam, along with finance incentives for building in china

Ship repair is not particularly glamorous for Singapore and it does seem like Singapore govt long term would rather use the land in time for hotels and services and let the dirty work be done somewhere else.

Summary:
Mermaid fleet seems to be mostly for tug and barging and primarily focused on construction of oil fields that have had a good run in Australia and is now ending.
Smaller percentage of fleet on PRODUCTION rather than CONSTRUCTION returning lower daily charter revenue.

Jaya fleet seems to do nothing to add an opportunity to diversify into new markets with unique vessels
Jaya shipyard facing tough competition and with little sign of relief

Where is the upside to what Mermaid have done with their position earned in the good years?
Cant see any upside to a merger or acquisition based on fleet make up as the fleet doesn't offer anything to the world. Asset strip may make the most sense.

Would probably have been better if Mermaid had bought into inspection, maintenance and repair (IMR) with ROV's and divers to service existing oil fields and pipelines rather than continued to chase more construction work and shiprepair

WaitandC