Programmed Maintenance Services Limited
(ASX:PRG) is selling all its vessels, plant and other marine equipment used by subsidiary Broadsword Marine Services for $25 million.
Bhagwan Marine Services will pay for the items over a two year payment plan following due diligence and other approvals.
Another vessel will be sold to a separate overseas buyer.
The Darwin-based fleet of boats was considered non-essential to group strategy following a recent weakening of the Broadsword business. The money will be used to pay down debt.
Programmed reported a net loss of $18.69 million to the end of September 2015.
