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In the corresponding period last year, the company reported a profit of $267,000.
Mermaid said lower vessel revenues were caused by work in the company's traditional markets being at historically low levels.
It added that increased competition was putting pressure on vessel rates, with revenue down 63% from $27.6 million to $10.3 million for the December half.
Operating expenses were hit by the company's decision to embark on a major maintenance and refit campaign to substantially improve the condition of its vessel fleet and make the best use of the business downturn.
There was no interim dividend. Shares in Mermaid Marine are currently trading at 19c.
