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AUSTRALIA'S NEPTUNE MARINE OFFERS US$15 MLN FOR SEA-STRUCT.
SYDNEY, Oct 1 Asia Pulse - Subsea engineering services company Neptune Marine Services (ASX:NMS) has put forward a A$17 million (US$15 million) bid for Sea-Struct, a manufacturer and installer of concrete stabilisation systems for subsea pipelines and cables.
Neptune will pay A$17 million plus a three year earn out based on future performance.
Payment will be 70 per cent cash and 30 per cent in new Neptune shares.
Neptune managing director and chief executive Christian Lange said Sea-Struct fits well with the group's integrated engineering services and solutions strategy.
"Sea-Struct is an excellent business and represents another growth channel for Neptune," he said.
"Neptune is off to a strong start in this (financial year). Our new businesses have come ...
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