FEBRUARY 25, 2014 — Fremantle, Western Australia, headquartered Mermaid Marine Australia has agreed to pay Singapore $625 million (about US $495 million) to buy the entire issued and paid up share capital of all the subsidiaries of Singapore listed Jaya Holdings, which said in September 2013 that it was reviewing its strategic options.
Effectively, this means that Mermaid Marine will take over Jaya's fleet of 27 offshore service vessels and its two shipyards (one in Singapore and one in Batam, Indonesia) which have six high spec vessels in the pipeline.
Mermaid Marine operates a fleet of 44 vessels that includes anchor handling tugs; AHTS vessels; platform supply vessels; multi-purpose survey vessels; harbour tugs, barges; and accommodation vessels. It also has a suppy base in Dampier, Western Australia, able to dock ships displacing up to 3,200 t.
Mermaid Marine says that it will retain key Jaya management.
"The acquisition provides increased diversification for our vessel operations through the addition of a complementary vesseel fleet which already has operations in markets across Southeast Asia and the Middle East," said Mermaid Marine managing director Jeffery Weber. "Ownership of two shipyards located in Asia will allow us to combine MMA's existing technical expertise with [Jaya's] technical shipbuilding capability."