Mermaid in Broome supply base JV with Toll

Fremantle-based Mermaid Marine Australia Ltd has signed a joint venture agreement with Toll Holdings to provide supply base services in Broome.
The two shareholders, MMA and Toll, have formed a new company "Toll Mermaid Logistics - Broome" and will begin work immediately servicing a range of clients operating in the highly prospective oil and gas region, Browse Basin.
Mermaid managing director Jeff Weber said "The joint venture recognises the strengths of both companies and will provide our clients with world class services to support their current and emerging requirements in the Browse Basin region".
"Work has already commenced storing drilling casing for our clients and lease agreements are being completed with the Broome Port Authority which will put the new company in an ideal position to service the expected future growth in activity.
"Contracts covering integrated supply base services are being finalised and commencement of new drilling campaigns is expected within the next month. "
The Broome Supply Base operation will be managed by Brian Philp who is a member of the Broome business community and has more than thirty years of experience in oil and gas exploration and development.
At market close, shares in Mermaid were up almost 4 per cent to 71 cents.
In August, Mermaid announced a post-tax profit of $9.2 million, doubling its operating earnings in the process.
The annual result was further boosted with a $4.4 million pre-tax profit after the company sold its Manning business to Integrated Group.


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MMA Offshore (MRM)

Share Price

Closing price for the last 90 trading days
Source: Morningstar

BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Total Shareholder Return as at 29/06/18

1 year TSR5 year TSR
99thCoventry Group125%-8%
191stMMA Offshore65%-37%
325thGlobal Construction Services23%13%
722 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

$16k Bought
$48k Bought
$304k Bought
Total value as at the date of the transaction
Source: Morningstar


27th↓MMA Offshore$221.8m
30th-Global Construction Services$207.6m
33rd↓Coventry Group$173.7m
239 listed industrial companies ranked by revenue.
Source: Morningstar

Remuneration from MMA Offshore

59thJeff Weber$1,000k
152ndDavid Ross$605k
343rdDylan Darbyshire-Roberts$343k
Ranked by total remuneration from all listed WA companies

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