MMA Offshore Limited (ASX:MRM) has announced it has completed sale of its multi-user marine facility and wharf, Dampier Supply Base, to the Toll Group.
The marine service provider says net proceeds from the sale will be used for debt reduction, in line with the terms of MMA’s Syndicated Loan Facility.
MMA says it will still keep a significant presence in the North West of Australia, as it currently has 13 offshore vessels operating in Australia, and the region remains a key platform in its business strategy.
The company says it will continue to use Dampier Supply base to support its vessel operations under a service agreement with Toll.
Shares in MMA Offshore Limited (ASX:MRM) last traded 5.71 per cent lower to 16.5 cents.