Monday, Dec 25, 2006
Gulf News
Dubai: P&O Maritime Services (P&OMS), a DP World unit, and Mermaid Marine have merged to create Australia's leading diversified marine services business.
The new entity will have annual revenues of about $200 million, according to a joint statement. It will operate more than 40 directly-owned specialist vessels and manage an additional 100 vessels for third parties.
Jamal Majid Bin Thaniah, group chief executive officer of Port & Free Zone World, an entity that manages DP World, said the merger will allow P&O Maritime Services "to grow farther and faster than would have otherwise been possible."
"While the core of the group is currently its Australian operations, we have the opportunity, over time, to create a global business leveraging the P&O name and DP World's global reach to provide quality services to customers around the world," he added.
Primary operations of P&OMS are in government shipping services, cargo and defence sectors. According to the company, more than 90 per cent of its expected revenues for the financial year ending June 30, 2007, are under contract.
Mermaid Marine Australia Limited (MMA) said the proposed merger will create an "attractive business diversified across a range of maritime services."
The company's name will be changed to P&O Marine Limited "to leverage off one of the best known brands in the international shipping industry."
MMA will issue 221.9 million shares to DP World in return for 100 per cent of the shares in P&OMS, P&O Maritime Services (PNG) Limited and P&O Polar Australia Pty Limited (the P&OMS Group), subject to the approval of MMA shareholders.
DP World bought British ports and shipping group Peninsular and Oriental Steam Navigation Company (P&O) for $6.8 billion in February.
Gulf News 2006. All rights reserved.
