Neptune Marine Services (ASX:NMS) sells key operating subsidiaries to MMA Offshore (ASX:MRM)

Company News

by Rachael Jones

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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.