Sydney: Plummeting commodity prices are seeing redundancies soar Down Under. MMA Offshore, formerly known as Mermaid Marine, is letting go of 13 workers at its Dampier supply base, which is linked to Chevron’s Gorgon LNG project. On the back of the weak oil price MMA’s share price has hit eight-year lows recently of just A$0.685.
The company owns and operates a fleet of over 60 modern offshore vessels, two Australian oil and gas supply bases and two international onshore facilities in Southeast Asia. It bought Singapore’s Jaya Holdings last June just as the oil price was about to collapse.