MMA Offshore is “in a strong position to be able to meet its financial commitments in 2021”, MMA Offshore managing director Jeffrey Weber told OSJ
In 2021 MMA Offshore's debt facilities mature; last November it announced a fully underwritten A$97M (US$74M) equity raising offer to reduce its net debt position and provide a stronger balance sheet. This was completed in December, along with changes to its existing debt facilities, Mr Weber said. In particular, its term was extended by two years at a reduced interest rate and with an improved amortisation profile.
These equity raising and debt amendments have strengthened MMA’s balance sheet, he said, giving it “an improved cash buffer to provide a measure of insulation against continuing market and earnings volatility and a stronger platform from which to take advantage of any sustained improvement in industry conditions.”
Asked what fleet developments had taken place at MMA Offshore, he said that it is “continuing its strategy of focusing on specialised key marine assets and divesting from vessels that are outside of our core fleet.” As a result of this strategy “we have successfully sold the majority of the non-core assets allowing us to focus on the value-added services to our clients,” he added.
This restructuring has enabled the operator to bring in additional high-quality assets that are more aligned to its strategy, “a model that has proven to be successful in Australia, with positive feedback from our clients”, he said.