Mermaid Marine changing name

 2411mermaidf
2411mermaidf

Mermaid Marine Australia (MMA) will change its name as it repositions itself as a globally oriented marine services provider following the acquisition of Singapore-based OSV builder/operator Jaya.

In the Chairman's address at the company's 2014 AGM in November, Chairman Tony Howarth sought shareholder approval to re-brand the company under the name "MMA Offshore".

"This will represent a single brand for both Mermaid Marine and Jaya operations and importantly avoids brand confusion with another vessel operator in the South East Asian region," he said, referring to Thailand-based operator Mermaid Maritime.

MMA shareholders overwhelmingly passed the motion for the re-branding, with approximately 98 per cent in favour of the move.

Elsewhere in the address, Mr Howarth said the ongoing integration of Jaya was progressing well, with key targets being met.

He also noted industrial relations were a "source of frustration" for the company, referring to a five-day strike by the Maritime Union of Australia at MMA's Dampier supply base, with enterprising bargaining agreements still unresolved.

However, the company remained committed on securing an agreement that achieves market competitive wages and conditions, in tandem with long-term employment security and flexibility.

Though the Dampier base continued operating during the strike, several of the company's clients made alternative arrangements, causing a financial impact. For FY2014 as a whole, the base was also affected by the winding down of construction activity at Chevron's Gorgon Project, offsetting a strong performance from the company's vessel division.

DISCLOSURE: The Baird family, publishers of Ausmarine, own shares in Mermaid Marine Australia through its superannuation fund

{WISroYQ symbol='MRM.AX'}

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