Oil and gas contractor MMA Offshore has launched an $80 million equity raising to reduce its total debt, while chairman Andrew Edwards has announced his resignation.
Our board moves wrap includes Leigh Ryan, James Sullivan, Ian Parker, Richard Simpson, Daniel Madden, Keith Smith, Steve Brockhurst, David McEntaggart, Sandra Dodds, Andrew Edwards, and Geoff Baker.
A 34 per cent lift in first-half profit at MMA Offshore shows an improving environment for offshore service providers, with the company having won work with Woodside and Esso.
Former Downer executive Mike Sutton has been appointed as MACA chief executive after Chris Tuckwell announced he would be stepping down from the role, following an 11-year stint. MACA has also appointed Chris Sutherland to its board as a non-executive director.
Contractor MACA has announced a hit to earnings due to tightening margins in its core mining division, with its net profit expected to slump to between $7 million and $9 million for the half year to December 2018.
MMA Offshore chairman Andrew Edwards has defended the timing of the company's recent $97 million capital raising at its annual meeting today, saying the oil and gas firm needed a solution to its debt problems.
Struggling marine services company MMA Offshore will raise nearly $100 million to repay debts and repair its balance sheet, despite opposition from major shareholder Halom Investments.
Welshpool-based contractor MACA has launched a $90 million contract with Karara Mining over its Hinge direct shipping ore project in the Midwest region of Western Australia.
