Posts Tagged ‘MMA’

ASX Company News: Mermaid Marine Australia Awarded 2 Contracts By Woodside

Sunday, June 12th, 2011

The Directors of Mermaid Marine Australia Ltd (MMA) are pleased to announce that the company has been awarded two contracts by Woodside in respect of the Mermaid Sound and the Mermaid Strait, for the provision of offshore marine support to Woodside’s FPSO operations in the North West Shelf.

The contracts are both for a term of three years firm, with two options of one year each.  The Mermaid Sound will commence its new contract on the 15th of June 2011.  The Mermaid Strait is currently under construction and is expected to be delivered in April 2012.  The Mermaid Resolution will act as the lead in vessel in respect of the Mermaid Strait contract.  The combined contract value is approximately A$60 million for the firm period, with further upside should the options be exercised.

The Mermaid Sound, a 50m diesel electric Offshore Support Vessel (OSV), has been successfully supporting FPSO’s off Exmouth Gulf for the past four years.  The Mermaid Strait is a 53m DP1 OSV and a second generation version of the Mermaid Sound. MMA’s marine project group have specifically designed the Mermaid Strait to include modifications that improve the safety of the vessel, especially when working in close quarters with large tankers, and offer more flexibility in relation to the range of functions the vessel can perform.

The Mermaid Strait has a fuel efficient and cost effective diesel electric drive system, increased capacities to meet growing logistical needs and improved machinery specification to enhance reliability. MMA Managing Director, Mr. Jeff Weber said: “The Mermaid Strait is a testament to MMA’s ability to critically assess the operation of its current fleet and transfer those learnings into practical design modifications in respect of our second generation vessels.”

www.mma.com.au

http://www.traderdealer.com.au/fundamentals/mma

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ASX Company News: Mermaid Marine Secures Gorgon Contract

Wednesday, September 15th, 2010

The Directors of Mermaid Marine Australia Ltd (MMA) are pleased to announce that the Company has been awarded a three year contract by the Chevron operated Gorgon Project, commencing in the second quarter of FY11. The contract involves the provision of a towing tug, a landing craft (LCT) and a barge suitably modified to transport fuel from mainland Australia to Barrow Island in support of the Gorgon Project. The contract will generate revenue in excess of A$80 million over the initial three year term and includes an option to extend for a further 12 months. The contract for the transportation of water to Barrow Island is for a term of 9 months later in 2010 and involves the provision of one towing tug and two barges.

MMA Managing Director, Mr Jeff Weber said; “All three operations represent an exciting development for MMA and we are proud to be able to support Chevron and the Gorgon Project as it continues to progress”. MMA has extensive experience in conducting tug and barge operations in the region and with the Company also providing stevedoring and related services to the Gorgon Project on our Dampier Supply Base, we are able to integrate the marine supply chain and ensure security of supply to Barrow Island”.

The Gorgon Project is operated by an Australian subsidiary of Chevron and is a joint venture of the Australian subsidiaries of Chevron (approximately 47 per cent), ExxonMobil (25 per cent) and Shell (25 per cent), Osaka Gas (1.25 per cent), Tokyo Gas (one per cent) and Chubu Electric Power (0.417 per cent).

www.mma.com.au

http://www.traderdealer.com.au/Fundamentals/mma

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MMC Contrarian Acquires MBF Life and Clear View Retirement Solutions

Sunday, March 28th, 2010

MMC Contrarian Limited (MMA ) has signed agreements to acquire Bupa Australia’s Life Insurance business (MBF Life) and Wealth Management business (ClearView Retirement Solutions) for $195 million. As part of the transaction, MMC has entered into an exclusive alliance with Bupa Australia to market its life insurance and wealth management products to Bupa Australia’s 2.9 million private health insurance customers for a period of 10 years. MMC’s acquisition of MBF Life and ClearView, together with associated costs, will be fully funded through existing cash resources of MMC of $69.2 million; a fully underwritten institutional placement conducted on Thursday 25 March 2010 to raise $61.7 million which is conditional on shareholder approval at a meeting on 30 April 2010 ; and a fully underwritten non-renounceable pro-rata entitlement offer to raise A$73.3 million.

MMC’s newly appointed Managing Director and CEO, Mr Simon Swanson, said: “The acquisition of Bupa Australia’s Australian life insurance and wealth management businesses represents a major opportunity to transform MMC into a significant, independent wealth management company in the Australian market place. The exclusive alliance with Bupa Australia represents a key growth platform for the medium term. We are delighted to be partnering with an organisation of Bupa’s capabilities and look forward to delivering financial products and services to Bupa’s customers”. The acquisition provides a compelling opportunity to create significant value for MMC shareholders. The acquisition price for MBF Life and ClearView represents an attractive discount of 22.6% to the assessed embedded value of $252 million (inclusive of the value of future franking credits) or an 8.5% discount to the assessed embedded value of $213 million (excluding the value of future franking credits). Synergies from the acquisition are likely to be substantial. The acquired businesses represent an ideal platform from which to grow the combined products and services of MBF Life, ClearView and ComCorp. In addition, MMC estimates that annual cost savings of approximately $6.5 million will be achieved progressively over the first year. MMC will remain debt-free post acquisition and will be in a strong capital position with approximately $36.5 million of surplus capital above regulatory requirements and residual cash of approximately $11.7 million, before settlement of any one-off integration and restructure costs associated with the acquisition.

www.mmccontrarian.com.au

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Mermaid Marine Secures Woodside Contract

Tuesday, February 2nd, 2010

The Directors of Mermaid Marine Australia Ltd (MMA) are pleased to announce that the Company has been awarded a two year contract, plus a further one year option, by Woodside Energy Ltd (Woodside). The contract covers the provision of standby services for their offshore platforms in addition to a range of general services as required.

The Mermaid Achiever will fulfil the contract for the initial six months and will then be substituted by the Mermaid Searcher. The Mermaid Searcher is a 54 metre multi-purpose vessel commissioned by MMA and delivered in 2008.

The Managing Director, Mr Jeff Weber said; “MMA is delighted to have won this significant production support contract with Woodside. Woodside is one of our major clients and this award further strengthens our long term contracts in the North West Shelf and reinforces MMA’s position as a service provider of choice.  In recent months we have secured term contracts on five of our vessels ranging from 12 months through to five years in duration. This Woodside contract is a welcome addition to our longer term portfolio and supports our recent fleet expansion.”

www.mermaidmarine.com.au

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MMC and Tolhurst Buy ComCorp

Friday, March 6th, 2009

MMC Contrarian Limited (MMA) and Tolhurst Group Limited (TNL) today announced that they have signed a Business Sale Agreement to effect the purchase and sale of the business and assets of Community & Corporate Financial Services Pty Ltd (ComCorp) for a purchase consideration of $8.455 million and the assumption by the purchaser of deferred purchase payments up to a maximum of $1.623 million in respect to ComCorp’s recently acquired financial planning businesses, Affiliate and Hillmac. 

The sale is subject to a number of conditions precedent including but not limited to the following:

  •  The transfer of at least $800 million of funds under management;
  •  No material adverse change occurring between signing and completion; and
  •  The transfer of key Assets and Employees to MMA.

The acquisition of the ComCorp business by MMA is consistent with MMA’s stated strategy of becoming a diversified financial services company.

MMA managing director, Alex Hutchison said, “This is the first key step in developing a presence in the financial advice marketplace. ComCorp is an established provider of financial planning advice to member based organisations, particularly credit unions, representing approximately 800,000 members Australia wide”.

TNL Executive Chairman, David Browne commented, “In terms of the consolidation of the share broking industry, the Boards previous strategy in relation to the acquisition of ComCorp has changed and we believe that there is a significant opportunity for MMA to both support and build the current member based organisations of ComCorp and provide further opportunities to the staff within ComCorp”

http://www.tolhurst.com.au/tpmain.jsp?f=/main.jsp

http://www.mmccontrarian.com.au/

http://www.comcorpfs.com.au/

 

 

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