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

People & Company News

VT Halter Begins Building LNG-powered ConRo Ships for Crowley

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has commenced construction on the first of two liquefied natural gas (LNG)-powered,

NYK Line Joins PNW West Coast Metro Pool

Effective October 20, 2014, NYK Line has become a member of the PNW West Coast Metro Pool (WCMP) operated by Trac Intermodal. The WCMP operates chassis at all major marine terminals,

ISS Manages Heavy-lift Project at Port of Mombasa

Inchcape Shipping Services (ISS) announced it has completed another complex heavy-lift project in Africa, this time at the Port of Mombasa in Kenya. ISS was

Offshore

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Statoil: New Oil in the Grane Area

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader,

News

Video: USCG Medevacs Navy Sailor off Virginia

The U.S. Coast Guard (USCG) medevaced a man Wednesday from a Navy vessel off the Virginia coast after watchstanders at Coast Guard Sector Hampton Roads in Portsmouth

VT Halter Begins Building LNG-powered ConRo Ships for Crowley

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has commenced construction on the first of two liquefied natural gas (LNG)-powered,

New Research Vessel Delivered on the Great Lakes

The new oceanographic research and fisheries assessment vessel, Arcticus, completed her sea trials and was delivered to the U.S. Geological Survey's Great Lakes Science Center on October 17.

Mergers & Acquisitions

FortisBC Starts Expansion of Tilbury LNG Facility

FortisBC – a subsidiary of Fortis Inc. has officially started construction of its $400 million Tilbury LNG Facility expansion project today. The company is adding 1.

B COOL Acquires MEMAC

With the acquisition of MEMAC, B COOL A/S now offers customers one entry to multiple maritime systems – both refrigeration solutions and monitoring of the engine

TRIYARDS Buys into Aluminium Shipbuilding Expertise

TRIYARDS Holdings Limited, an offshore vessel fabrication and engineering solutions provider to the oil and gas (O&G) industry, has added new capabilities, products

 
 
Maritime Security Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1594 sec (6 req/sec)