Programmed, Atlas form Australia, New Zealand JV
Offshore workforce providers Programmed and Atlas professionals have formed a marine services joint venture in Australia and New Zealand.
Programmed, which provides staffing, maintenance and facility management services, on Monday said the execution of agreements relating to the formation of a 50/50 marine services joint venture in Australia and New Zealand with Atlas Professionals, a Dutch provider of global staffing services to the offshore oil and gas industry, had been completed.
As part of these agreements, originally announced in May, Programmed has sold Atlas 100% of its international marine activities and 50% of its Australian and New Zealand marine services business for $7.5 million cash up-front and $21.5 million in a vendor finance arrangement (value of transaction is $29 million). Programmed’s vendor finance will carry 5% interest.
“Atlas will bring to the Australia and New Zealand joint venture, opportunities with its global customers, which will enable the marine business to enjoy the benefits of operating as a global enterprise,” Programmed said in a statement.
In a separate statement on Monday, Atlas Professionals said business would operate as usual for the Programmed Marine teams in Houston, Aberdeen, Singapore and Dubai, as well as the joint venture for the Australian and New Zealand marine manning services, and that all recent points of contact in those offices would remain the same.