Contract Awards and Asset Sales Update

Source: 6/3/2021, Location: Asia

MMA has recently been awarded a number of new contracts including two significant long-term vessel contracts, an offshore wind support contract in Taiwan and a further hydrographic survey scope for the Australian Department of Defence under the Hydroscheme Industry Partnership Program.

Details of these contract awards are as follows:

Three-year contract with OMV New Zealand - “MMA Vision”
MMA has been awarded a contract with OMV New Zealand for the “MMA Vision” to provide field support duties for the Maari and Maui gas fields in the Taranaki Basin. The contract is for a period of three year’s firm, with a further two one-year option periods. The “MMA Vision” will be based in New Plymouth, New Zealand for the duration of the contract.

Two-year contract extension with INPEX – “MMA Plover”
MMA has been awarded a contract extension with INPEX for the “MMA Plover” to continue to provide drilling rig support services for the Ichthys field in Australia’s North West. The contract extension is for a firm period of two years, with further options to extend on a per well basis.

Australian Department of Defence – Camden Sound Hydrographic Survey
MMA has been awarded its second contract under the Hydroscheme Industry Partnership Program (“HIPP”) to complete the hydrographic survey of the Camden Sound Area near Broome, Western Australia. The project is expected to commence in September 2021 and continue for a period of four months.

Offshore Wind – Site Investigation Survey (Taiwan)
MMA has been awarded a contract to complete site investigation survey works for an offshore wind farm development in Taiwan. MMA will utilise two third-party chartered vessels to undertake geophysical and visual surveys to understand elements such as seabed sandwave migration and local bathymetry data. The scope of work is currently expected to commence in July 2021 and conclude in September 2021.

The two vessel contracts amount to a combined value of A$44M for the contract firm periods and a potential value in excess of A$60M if the relevant option periods are exercised, whilst the two survey contracts carry an anticipated contract value of A$10M. The combined total increases MMA’s contracted revenue by A$54M firm and A$70M including option periods.

Commenting on the contract awards, MMA’s Managing Director, Mr David Ross, said:
“We are very pleased to announce these contract awards which support our growth and diversification strategy.

Expanding our operational portfolio into New Zealand is a key step for MMA and we look forward to supporting OMV on this contract, as well as expanding our footprint within the New Zealand region as further opportunities arise.

We are delighted to continue our positive working relationship with INPEX and look forward to continuing to deliver safe and efficient operations for the Ichthys LNG project.

The award of a further offshore wind survey scope and our second HIPP hydrographic survey project are strategically important to the execution of our diversification strategy. I am pleased to see us growing our presence in the offshore wind market in Taiwan and in the Australian Government and Defence sector”.

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