Australian offshore vessel owner MMA Offshore has sealed an agreement to acquire the business of Neptune Marine Services by acquiring the company’s key operating subsidiaries.
Headquartered in Perth, Neptune is a provider of topside and subsea inspection, maintenance and repair solutions.
MMA is paying around A$18.5m ($12.91m) comprising $5m cash and the balance in shares.
Jeffrey Weber, managing director of MMA Offshore, commented: “The acquisition of the Neptune business represents an important step in MMA’s strategy to expand its subsea service offering to existing and new clients. Combining MMA’s vessel assets with NMS’s subsea equipment and technical expertise will result in a stronger service offering to both MMA’s and NMS’s existing clients and provide an opportunity for MMA to capture a greater proportion of the value chain.”
MMA says the acquisition represents a key milestone in its strategy to expand its subsea service offering, combining its vessel assets and Neptunes’s subsea equipment and technical expertise.