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Debt-laden MMA Offshore seeks help from Deloitte

Debt-laden MMA Offshore seeks help from Deloitte

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Struggling Australian outfit MMA Offshore has hired consultants from Deloitte as it battles a depleted balance sheet, according to The Australian newspaper.

MMA Offshore has been forced to sell numerous assets including up to 19 OSVs and in March it offloaded two supply bases, in Dampier and Broome, to Japan’s Toll Group.

The company reported a A$324m ($248m) loss for the first half of its financial year, and has failed to meet some of its debt obligations.

CFO Peter Raynor resigned two weeks ago while the original founder of the offshore firm no longer has any equity in the company.

MMA Offshore bought out Singapore’s Jaya Holdings in June 2014 for $495m, just as oil prices nosedived.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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