ST Technologies said it was buying selected assets of Worldwide Marine Mississippi (WMM) adjacent to its VT Halter Marine's Pascagoula facility. The company is paying $25m for the assets which comprise a purpose-built facility of 94 acres for heavy marine fabrication, and offshore oil and gas rig upgrades, repairs and conversions.
“Since the downturn of the offshore and marine industry, the Group has been looking to acquire assets that represent long-term value and can enhance its capabilities whilst offering scale advantages in the marine repair segment,” ST Technologies said.
“The acquired assets, which are situated in a prime location in the Gulf of Mexico and with close proximity to VT Halter Marine’s Pascagoula yard enable the Group to leverage resources and derive greater synergies in its ship repair business.”
The acquisition was paid for in cash from internal funding.
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