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Australia's Mermaid Marine To Buy Jaya Offshore

By MarEx 2014-02-24 18:28:00

Australian marine logistics firm Mermaid Marine Australia Ltd said on Tuesday it has agreed to buy the offshore business of Jaya Holding Ltd for A$550 million ($495.96 million) to expand its international portfolio.

Mermaid Marine Australia, which provides vessel and supply base services to offshore oil and gas explorers, will expand its scale in the Southeast Asian and Middle Eastern markets through the acquisition, the company said in a statement.

The company will fund the acquisition through a A$317 million equity raising and new debt facilities from its existing debtors, it said.

($1 = 1.1090 Australian dollars)

Copyright Reuters 2014.