Mermaid Marine completes Jaya takeover

Singapore: Mermaid Marine Australia (MMA) informed the Australian Securities Exchange (ASX) yesterday that it has completed the acquisition of all subsidiaries of Singapore-based offshore services provider Jaya Holdings.

MMA will add 27 offshore vessels to its fleet after the takeover and Jaya will also provide two onshore facilities in Singapore and Indonesia.

MMA said it is working closely with Jaya's management and staff and 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,” said Jeff Weber, managing director of MMA. [05/06/14]

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