Mermaid Marine Australia Limited (ASX:MRM) has reported a drop in its half year profit while also announcing it has agreed to buy the subsidiaries of a Singapore-listed company.
The marine logistics and supply base services provider’s interim net profit fell 25.5 per cent to $24 million in the last six months of 2013.
Managing Director Jeffrey Weber says while the trading performance was lower than expected the period had some significant positives including a number of major new contracts.
Separately, Mermaid Marine has inked a deal to buy the subsidiaries of Singapore-listed Jaya Holdings for $550 million in cash.
Jaya Holdings is an offshore oil and gas marine services provider with a fleet of 27 vessels and two shipyards in Singapore and Indonesia.
Mermaid Marine has entered into a trading halt to prepare for a $317 million equity raising to partially fund the acquisition.