Mermaid Marine Completes Jaya Acquisition
Mermaid Marine Australia Limited has confirmed that it has now completed the acquisition of all the subsidiaries of Jaya Holdings Limited.
The acquisition adds 27 modern offshore vessels to MMA’s fleet as well as two strategically located onshore facilities in Singapore and Batam, Indonesia.
In line with MMA’s five year strategy, the acquisition:
– Expands the Company’s geographic reach;
– Provides the Company with immediate scale into the South East Asian, African and Middle Eastern markets;
– Increases MMA’s exposure to high specification vessel classes (including 6 high specification new builds currently under construction);
– Enhances MMA’s integrated business model.
In close cooperation with Jaya’s management and staff, MMA has developed a detailed integration plan to swiftly and effectively integrate Jaya’s operations with its own.
MMA Managing Director, Jeff Weber, said: “The Jaya acquisition represents the realisation of a number of the strategic goals we set for ourselves as a company in 2011/2012. It is with great excitement and confidence that we start this new phase in MMA’s development as a major international offshore oil and gas service provider.”
MMA funded the S$625 million (A$550 million) Jaya Acquisition through a combination of:
– the A$317 million equity raising that was completed on 2 April 2014;
– new debt facilities from its existing relationship banks NAB and ANZ, including a US$227 million (A$253 million) US dollar denominated facility.