Mermaid Marine to Merge with P&O Maritime Services

Thursday, December 21, 2006
Mermaid Marine Australia Ltd will merge with Dubai Ports World subsidiary P&O Maritime Services Pty Ltd through a share-trading arrangement. Mermaid will issue 221.9 million shares to DP World in return for 100 per cent of the shares in P&O Maritime Services Ltd and P&O Polar Australia Pty Ltd, subject to shareholder approval. The deal will result in DP World owning 60.4 per cent of Mermaid, with existing shareholders holding the remaining 39.4 per cent.

Mermaid will also assume an additional $40 million of net debt initially in the form of debt due to DP World as part of the transaction. Mermaid directors said in a statement that the proposed merger would create a highly attractive business diversified across a range of maritime services, but have flagged a proposal to change its name to P&O Marine Ltd, in order to take advantage of the former British standard bearer's brand recognition, subject to DP World's approval. Current Mermaid chairman Tony Howarth will serve in the same role at the merged company, with Mermaid's managing director Jeff Weber to serve as the new company's chief operating officer and an executive director. The chief executive of the new company will be current P&OMS managing director Andrew King. The deal is expected to be completed in March or April next year. Source: WA Business News

Maritime Reporter October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Permanent Magnet Technology for Maritime Propulsion

Multipurpose vessels, especially those that operate primarily at part loads, have been facing pressure when it comes to making money in today’s business environment.

Industry Professionals to Speak at ShipConstructor Conference

The speakers representing various companies at next week's SSI Americas ShipConstructor User Conference, October 7-9, 2014 in Mobile, Alabama, demonstrate SSI's

NY Harbor Supply & Distribution Fall Reception/Buffet

More than 600 attendees are expected at the 52nd annual New York Harbor Supply & Distribution Fall Reception/Buffet for the energy and energy related industries

Finance

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3876 sec (3 req/sec)