MMA Offshore flags $120m impairment

Fremantle-based marine services company MMA Offshore has announced that it expects to make a $120 million non-cash impairment for the 2015 financial year.

This will consist of a $20 million impairment against the carrying value of goodwill relating to its Dampier supply base, and a $100 million impairment against the carrying value of the company’s fleet.

MMA says underlying earnings for the 2015 financial year will be similar to that of the previous annual report.

The company says the impairment will not affect its ability to meet the covenants of its debt facility.

Shares in the company were up nearly 4 per cent to 52.5 cents a share at 10am Perth time.