text: Trading for the period commencing 1 July 1999 to 30 June 2000 for Mermaid Marine  O V E R V I E W 
  
  Australia Ltd (“Company”) and its controlled entities, experienced a 43% turnover reduction 
  
  from last year. The result was almost entirely due to a heavy fall in oil prices, which reached their 
  
  low of US$10 in February 1999, leading to the lowest level of offshore activity for many years. 
  
  In September 1999 Mermaid exercised its option to acquire the utility vessel “Mermaid 
  
  Achiever” for $3,250,000. Previously the Achiever operated under a bare boat charter. 