Australian offshore vessel owner MMA Offshore has completed the sale of its Dampier Supply Base to Toll Group.
MMA Offshore will used the net proceeds from the sale of the supply base to reduce debt.
Also, the sale of MMA’s 50% share of the Toll Mermaid Logistics Broome Supply Base to Toll completed on April 28, 2017 with the net proceeds from the sale also applied to reduce debt.
The Supply Base sale strengthens MMA’s Balance Sheet and completes a key component of MMA’s strategic repositioning of its asset portfolio, the company said. It added that notwithstanding the sale of the supply bases, MMA will retain a significant presence in the North West of Australia through its offshore vessels business.
MMA currently has 13 offshore vessels operating in Australia and the region remains a key platform in MMA’s business strategy.
“MMA will continue to use the Dampier Supply Base to support its vessel operations under a service agreement with Toll and will maintain a regional office within the Dampier Supply Base. MMA will also continue to operate the Dampier Slipway facility for a period of at least 12 months providing maintenance and repair services for the MMA fleet and third party vessel operators within the region,” the offshore vessel specialist explained.
Announcing its decision to sell, in March this year, MMA said it would realize approximately $44.1 million from the sale of the Dampier Supply Base asset and $8.7 million from its 50% interest in the Toll Mermaid Logistics Broome Supply Base, before adjustments and costs associated with the transactions.