MMA Offshore secures new contracts and extensions for its vessels
- Business & Finance
Australian offshore support vessel company MMA Offshore has been awarded a number of new contract awards and extensions.
MMA said last Friday that AGR Australia had awarded MMA a two-vessel contract supporting the Noble Tom Prosser jack-up rig as part of the Victorian Government’s CarbonNet Project.
The contract is expected to start in late November 2019 with a duration of approximately 45 days.
Esso Australia, a subsidiary of ExxonMobil, has awarded MMA a three-vessel contract, also supporting the Noble Tom Prosser rig and starting in direct continuation of the AGR contract.
The contract is for two anchor handlers and a platform supply vessel and is expected to start in January 2020 with a firm contract period of 90 days and a total of 15 months in additional options.
Support services for both projects will be run from Barry Beach Marine Terminal in Victoria.
In addition, MMA has been awarded contract extensions by an unnamed “major Australian gas producer” for two off-take support vessels, the Mermaid Sound and Mermaid Strait. These contact extensions are for a firm contract period of 18 months with a total of 10 months in additional options.
Total revenue across the three contracts is estimated at approximately $38 million for the firm contract periods only.
MMA’s Chief Executive Officer, David Ross, said, “These contract awards confirm MMA’s position as an industry leader in providing innovative, cost effective solutions to clients and increase the level of contracted revenue in MMA’s forward order book.”
MMA’s outlook for a recovery in the offshore sector and in its key markets remains positive and the company expects to see a continuing improvement in EBITDA during FY2020.
In related news, MMA Offshore has recently acquired key operating subsidiaries of Neptune Marine Services. The acquisition was completed on November 7, 2019.
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