MMA Completes $495M Acquisition of Singapore's Jaya Holdings

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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