Australian OSV operator and services provider MMA Offshore has agreed to acquire a compatriot provider of stabilization, coastal erosion and engineered reef solutions to the oil and gas, offshore wind and coastal infrastructure sectors. The deal is worth $8.4m, comprising $4.2m cash and $4.2m in MMA ordinary shares.
Integration of the business will commence immediately upon completion, which is expected in July, with the Subcon business to become part of MMA’s Subsea Services division.
The current Subcon team will continue with the business including Subcon’s founder, Matthew Allen and CEO, Cameron Stirling who will both be continuing to lead the business under MMA’s ownership.
MMA’s managing director, David Ross, said: “The acquisition of Subcon is an exciting development for MMA and is strongly aligned with our strategy to extend and diversify our service offering in a sustainable manner.
“The acquisition enhances our service offering to our existing oil & gas and offshore wind markets by combining our capability, whilst Subcon also bring a number of new solutions to expand our reach into coastal erosion management and the tourism sectors.”