MMA seals $68m contract renewal

Shares in marine and subsea services provider MMA Offshore have risen more than 8 per cent following the company’s announcement of a $68 million contract extension with Japan's Inpex.

MMA will continue to charter its Brewster vessel as production support for the Ichthys LNG operation in offshore Western Australia, with Inpex operator of the joint venture.

The MMA Brewster and sister vessel MMA Plover were both purpose built to be the support vessels for Ichthys, which started production in mid-2018.

The initial Brewster chartering services will soon finish up, with Inpex awarding MMA a new five-year contract that also includes five one-year extension options.

“We are delighted to continue supporting Inpex-operated Ichthys LNG and look forward to continuing to deliver safe and efficient services,” MMA Offshore managing director David Ross said.

MMA’s shares closed up 8.3 per cent this afternoon to trade at 52 cents.