Small cap oil and gas service provider Neptune Marine Services (ASX:NMS) is pleased to announce that it has completed the sale of its key operating subsidiaries to vessel provider MMA Offshore (ASX:MRM).
The purchase consideration received comprised a payment of $5.0 million in cash and the balance in the form of 67,655,000 MMA fully paid ordinary shares at an issue price of $0.20 per share, representing 7.3 per cent of the enlarged issued capital in MMA.
Combining MMA’s vessel assets with Neptune’s subsea equipment and technical expertise will result in a stronger service offering.
Shares in MMA Offshore (ASX:MRM)
closed 2.78 per cent higher at $0.19 yesterday.