Jaya selling units to Mermaid Marine Australia

JAYA Holdings, a mainboard-listed offshore oil-and-gas services provider, yesterday said it would be selling its subsidiaries to Australia-listed Mermaid Marine Australia (MMA) for $625 million.

The sale, representing all eight of Jaya's offshore support services (OSS) and offshore engineering services (OES) businesses, comes after a strategic review conducted by Jaya last September, during which it explored options to enhance shareholder value.

A Jaya spokesman told The Business Times: "Bidders were invited to put forward bids for Jaya's OSS and OES businesses on an individual or combined basis. This resulted in the current structure of an asset sale rather than an offer."