MMA has signed a contract with Woodside Energy worth $50million to provide three vessels to support the company in Australia’s north west region.
The company made the announcement as it revealed its yearly results which it said saw a lower than expected first four months of trading due to the low oil price environment.
MMA said EBITDA is expected to be in the region of up to $85million for the full year but said it was making the estimate with a “low level of visibility of demand” for the second half of the financial year.
There are currently two vessels cold-stacked and six vessels warm stacked at the company’s facility in Batam and Singapore.
Managing director, Jeff Weber, said: “The significance of the Contract in the current competitive market cannot be overstated.
“There is enormous pressure on the offshore marine industry to achieve sustainable cost positions without compromising quality operations.
“The award of this Contract is an endorsement of our ability to support world class operators in this challenging economic time and to provide cost effective solutions.
“Our focus on providing specialist vessels, innovative technical solutions and reliable safe operations remains a competitive advantage in the offshore marine industry.
“We look forward to continuing our long-standing relationship with Woodside in the North West.”
The company is currently supplying services to a number of companies including Technip on the Wheatstone Project.
MMA’s cost reduction programme is on track to deliver $15million in targeted savings.