Provider of subsea services to the oil and gas sector, Neptune Marine Services Ltd
(ASX:NMS), is to acquire Singapore based Core IRM, a provider of inspection, repair and maintenance services to the oil and gas and petrochemical industries.
Neptune says it will pay $11.35 million for the entire issued capital of the company, with an additional performance related payment of $872,000 to be paid over the next 12 months.
CEO Christian Lange says he expects the acquisition will add approximately 10 per cent to the Group’s annual revenue and will be earnings accretive from inception.
Neptune also announced that it has secured $25 million worth of new projects in both Australia and international markets all scheduled to be completed in the first half of fiscal 2010.
Neptune Marine Services lifted itself out of the red to post a profit in 2008.
