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The agreement would result in Mermaid acquiring the subsidiaries of the Asian offshore oil and gas services provider, which owns a fleet of 27 vessels, two strategic shipyards in Singapore and Indonesia, and a new-build pipeline of six high-specification vessels.
Mermaid owns and operates a fleet of 34 vessels and strategically located supply bases in Dampier and Broome.
The purchase, taken with the $S10 million ($A11.1 million) held by Jaya at the end of 2013, represents a gross implied value of S82.6c per share.
Following completion of the transaction, Jaya intends to distribute a significant portion of the proceeds to shareholders in the form of a cash dividend.
The acquisition is subject to a number of closing conditions, with completion expected toward the end of the year.
