Mermaid Marine Australia Limited (MMA or Company) informed the Australian Securities Exchange (ASX) Wednesday that it has completed the acquisition of all subsidiaries of Singapore-based offshore engineering services and offshore support services provider Jaya Holdings Limited.
The $495 million (SGD 625 million) takeover of Jaya will add 27 offshore vessels to MMA’s fleet and provide the Australia-based company with two onshore facilities in Singapore and Batam, Indonesia.
MMA, working closely with Jaya's management and staff, has developed a detailed integration plan to swiftly and effectively integrate the latter’s operations with its own.
“The Jaya acquisition represents the realization 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 Managing Director Jeff Weber said in the letter to ASX.
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