Neptune Marine Services (NMS) has entered into an agreement for the sale of its business to MMA Offshore.
The purchase consideration is expected to total between $18.5 million and $21.2 million and will comprise payment of $5 million in cash and the balance in the form of MMA fully paid ordinary shares.
The key services NMS is offloading include asset integrity and inspection, diving, survey, engineering, subsea stabilisation, and assembly and testing services.
NMS CEO Robin King said the transaction was in the best interests of the company.
“The acquisition of the Neptune business by MMA provides NMS shareholders with an opportunity to retain an exposure to the combined business which offers synergies that will potentially provide new opportunities for the business in any sustained improvement in market conditions,” he said.
“Combining NMS’s subsea equipment expertise with MMA’s vessel assets should result in a stronger service offering to both NMS’s and MMA’s existing clients.”
Mr King will continue to manage NMS until completion of the agreement, after which he will provide support to MMA during the transition period.
The remaining NMS management and all other employees will transfer to MMA.
Headquartered in Perth, WA, NMS provides services and integrated engineered solutions to the oil and gas, marine and renewable energy industries.
MMA owns and operates more than 30 offshore vessels, which provide support to offshore oil and gas projects.
For more information visit the MMA website.
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