Neptune shareholders approve sale to MMA Offshore

Shareholders of Australian offshore services provider Neptune Marine Services have approved the sale of key operating subsidiaries to offshore vessel owner MMA Offshore. Neptune shareholders also voted to change the name of the company to Blossomvale Holdings.

The shareholder approval on Friday comes following the approval of the transaction by the shareholders of MTQ Corporation Limited of Singapore, the parent company of Blossomvale Investments Pte Ltd, NMS’s controlling shareholder at an Extraordinary General Meeting held on October 1, 2019.

As previously reported, MMA and Neptune in July signed a binding agreement whereby MMA Offshore would acquire the offshore inspection, maintenance, and repair specialist Neptune for $18.5 million in total.

Of the full sum, MMA Offshore would pay $5 million in cash and issue $13.5 million worth MMA shares to Neptune Marine Services.

ASX-listed, Perth-based Neptune services mainly Tier 1 oil and gas, and marine infrastructure clients through its operational centers in Australia, South East Asia and the UK.

The company’s key services include asset integrity and inspection; commercial diving; survey and positioning; shallow water ROVs; subsea, pipeline and topside engineering; subsea protection and stabilization, dry underwater welding; and manufacturing, assembly, and testing services

Commenting on the Neptune Marine Services shareholder approval of the proposed transaction, MMA Offshore said Monday: “Shareholder approval is a significant milestone towards completion of the acquisition. Completion is expected to take place by early to mid-November 2019 subject to satisfaction of all remaining conditions precedent… At this stage, the Company expects all remaining conditions precedent to be met in due course.”

Source: Offshore Energy Today