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Friday, 05 December, 2008, 17:10 GMT | more >>

Neptune Marine set to buy access provider



By Upstream staff 

Australian offshore engineering services outfit Neptune Marine has signed a letter of intent to buy out specialist access provider Perth-based Access Management.

Under the deal, Perth-based Neptune proposes an initial payment of A$4.5 million (US$4.23 million), with the added consideration of a three year earn out period based on earnings before interest and tax performance (EBIT).

Access Management generates annual revenue of A$4 million and EBIT of A$1 million.

The investment will be funded by cash raised through a share placement that ended on 14 December.

Through the use of rope access, lightweight staging and tension netting, Access Management provides safe solutions to difficult access problems that meet strict International Rope Access Trade Association (IRATA) requirements, Neptune said in a statement today.

“Access Management represents a young, dynamic company whose innovative services could be seamlessly assimilated into those of the Neptune Marine group that continues to consolidate its position in the global marketplace,” said Neptune’s managing director, Christian Lange.


Monday, 21 April, 2008, 07:13 GMT  | last updated: Monday, 21 April, 2008, 07:13 GMT

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