MMA Ink OSV Charter with BHP Billiton Petroleum
Mermaid Marine Australia Limited (MMA) awarded offshore marine support contract for FPSO operations off NW coast of Australia. The vessel to service the contract, the Mermaid Cove is currently under construction in Singapore, and will commence operations in 2013 in the meantime, Mermaid Supporter will act as lead in vessel until the Mermaid Cove is delivered. The contract, with a value in excess of A$50 million is for an initial period of five years, with contract upside should the two additional one year options be exercised by the Company. The Mermaid Cove is a 53m DP2 Offshore Support Vessel (OSV) and a sister ship to the 53m Mermaid Strait and 50m Mermaid Sound.
Mermaid Marine to Merge with P&O Maritime Services
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…
