Mermaid Marine to Buy Jaya Offshore Businesses

MarineLink.com
Tuesday, February 25, 2014

Reutrs - Australian marine logistics firm Mermaid Marine Australia Ltd. said on Tuesday it had agreed to buy the offshore businesses of Singapore's Jaya Holdings Ltd. for $495.96 million in cash to expand its international portfolio.

Mermaid Marine, a Perth-based company which provides vessel and supply base services to offshore oil and gas explorers, will expand its scale in the Southeast Asian and Middle Eastern markets through the acquisition, the company said in a statement.

The acquired businesses include 27 vessels currently operating in South East Asia, the Middle East and East and West Africa, two shipyards in Indonesia and Singapore, and a new build pipeline of six vessels for delivery by 2015.

"The acquisition provides increased geographic diversification for our vessel operations through the addition of a complementary vessel fleet which already has operations in markets across Southeast Asia and the Middle East," Mermaid Marine managing director Jeffrey Weber said.

The deal, subject to shareholder approval and expected to be completed by April, will deliver mid-single-digit earnings growth in full-year 2014, excluding transaction expenses, Mermaid Marine said.

The deal would be funded through a A$317 million equity raising and new debt facilities from Mermaid's existing banks.

Mermaid's underlying net profit fell 25.5 percent from a year earlier to A$24.2 million for the six months ended December, the company said on Tuesday.

The result was in line with Mermaid's guidance, and was attributed to lower drilling activity and delays to commencement of vessel scopes.

Mermaid expects to deliver a full-year net profit in line with the previous year, excluding the Jaya deal's impact, and said the second half would be stronger than the first.

Shares in Mermaid Marine were on a trading halt on Tuesday. The stock has lost 30 percent over the past year, against a 7.6 rise for the broader market. ($1 = 1.1090 Australian dollars)

(Reporting by Maggie Lu Yueyang; Editing by Stephen Coates)

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Evergreen Upgrades its Intra-Asia Service Network

Evergreen Line announced it will partner with Mariana Express in launching a joint South China- East Malaysia (SEM) Service. The new initiative will give a boost

Bureau Veritas Diversifies with MatthewsDaniel Acquisition

Bureau Veritas announced today that it has acquired MatthewsDaniel Ltd, a global provider of loss adjusting and risk assessment services for the offshore industry.

Fogal Retires from Zentech After 57 Years in O&G

Robert “Bob” “Sonny” Fogal, Jr., one of the icons in the offshore oil and gas industry, has decided to retire from front-line work as Zentech’s Director of Business Development.

Offshore

Bureau Veritas Diversifies with MatthewsDaniel Acquisition

Bureau Veritas announced today that it has acquired MatthewsDaniel Ltd, a global provider of loss adjusting and risk assessment services for the offshore industry.

Rowan Viking Rig Upgrade Completed

Damen Shiprepair Vlissingen, part of Damen Shiprepair & Conversion, has completed the upgrade of a Keppel Fels ‘N’ Class drilling rig, one of the largest in the North Sea,

Halliburton to Settle US Gulf Spill Claims for $1.1b

Halliburton Co said it reached a $1.1 billion settlement for a majority of claims against the company for its role in the BP oil spill in the Gulf of Mexico in 2010.

News

Evergreen Upgrades its Intra-Asia Service Network

Evergreen Line announced it will partner with Mariana Express in launching a joint South China- East Malaysia (SEM) Service. The new initiative will give a boost

Bureau Veritas Diversifies with MatthewsDaniel Acquisition

Bureau Veritas announced today that it has acquired MatthewsDaniel Ltd, a global provider of loss adjusting and risk assessment services for the offshore industry.

Fogal Retires from Zentech After 57 Years in O&G

Robert “Bob” “Sonny” Fogal, Jr., one of the icons in the offshore oil and gas industry, has decided to retire from front-line work as Zentech’s Director of Business Development.

Mergers & Acquisitions

Bureau Veritas Diversifies with MatthewsDaniel Acquisition

Bureau Veritas announced today that it has acquired MatthewsDaniel Ltd, a global provider of loss adjusting and risk assessment services for the offshore industry.

Aker Solutions Update on Company Hive-Off

Aker Solutions informs updated unaudited financial information for the two companies - the new Aker Solutions and Akastor - that will be formed following the split

NYK Opens New Planning Center in Kumamoto

On September 1, 2014, NYK and Kozo Keikaku Engineering Inc. established a stowage planning center for container shipping at the Kumamoto office of Kozo Keikaku Engineering Inc.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Simulators Sonar
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: 0.2216 sec (5 req/sec)