Mermaid Marine raises AU$35 million for growth

Australian offshore shipowner, Mermaid Marine, has announced that it has raised gross proceeds of AU$35 million (US$34.42 million) from investors to fund its PSV project.

The placement was priced at AU$2.61 (US$2.57) per share, a 3.7 percent discount to the last closing price on October 25 2010 and will result in the issue of 13.4 million new shares, representing approximately 7.1 percent of the existing issued share capital of the company.

"We are very pleased with the strong level of support shown for the placement. Due to exceptionally strong demand the offer was increased above the previously announced AU$30 million (US$29.5 million)," said MMA's Chairman, Mr Tony Howarth.

"MMA is at an exciting stage in its development and we are currently assessing a number of growth opportunities in both the Australian and international oil and gas markets," said MMA's Managing Director, Mr Jeff Weber.

"This successful raising will provide the company with the balance sheet flexibility to execute our long term strategy and pursue opportunities in the exploration and drilling market sectors

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