MMA Offshore announces that it has entered into an agreement to acquire the business of Neptune Marine Services.
The purchase consideration of approximately A$18.5 million.
“The acquisition of the Neptune business represents an important step in MMA’s strategy to expand its subsea service offering to existing and new clients. Combining MMA’s vessel assets with NMS’s subsea equipment and technical expertise will result in a stronger service offering to both MMA’s and NMS’s existing clients and provide an opportunity for MMA to capture a greater proportion of the value chain,” said MMA Managing Director, Jeffrey Weber.
“Importantly, the services that NMS provides do not directly compete with our existing clients in the sector and we continue to see these partnerships as a key platform in our subsea strategy going forward. The acquisition is expected to enhance MMA’s return on assets through packaging value adding services to our vessels. As the offshore market improves, we expect the combined business to benefit from a recovery in offshore and subsea investment,” Weber added.
Agreement completion is expected to occur in October/November 2019.