MMA Offshore disposed of two more vessels

SYDNEY, AUSTRALIA: MMA Offshore Limited has completed the sale of a further two vessels, the Mermaid Vigilance and the MMA Chieftain for total proceeds of $5.5 million.

The sale values for these vessels were in line with the “assets held for sale” value on the Company’s balance sheet. The proceeds of approximately A$7.3 million will be used to pay down debt, further reducing the Company’s leverage.

This brings the value of total vessel sales completed during the current financial year to A$17.6 million, against “assets held for sale” at the beginning of the financial year of A$30.7m.

Commenting on the vessel sales, MMA’s Managing Director, Mr David Ross, said: “We are pleased to make further progress on our non-core vessel sales program and the ongoing deleveraging of our balance sheet. We are confident of closing out the majority of the remainder of the non-core vessel sales program in the coming months.”

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