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Offshore Support Journal

MMA Offshore looks to Deloitte for support

Fri 11 Aug 2017 by David Foxwell

MMA Offshore looks to Deloitte for support
Like most OSV owners, MMA Offshore has been adversely affected by the downturn in the market

Australia-based offshore vessel owner MMA Offshore has hired Deloitte to help it through the difficult financial situation in which it finds itself.

The Australian newspaper reported that MMA Offshore wants help from the financial services firm with the challenges it faces from lenders.

Earlier this year MMA announced it had reached a deal to pay only the interest on its loans for the short-term until it could improve its position through vessel sales. The report said the company made a A$45 million principal repayment on 30 June after selling its Dampier Supply Base to Toll Group for A$44.1 million and extended its loan term for six months until September 2019.

In mid-2016, the company said the offshore support vessel market was under “significant pressure” due to the low oil price and substantially reduced demand for services across all sectors of the market.

At the time it said it expected “extremely challenging” trading conditions to continue until the end of 2017.

 

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