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Skilled Group Ltd Enters Into Agreement To Acquire Broadsword Marine Contractors Pty Limited


Sunday, 16 Jun 2013 06:30pm EDT 

Skilled Group Ltd announced that it has entered into an agreement to acquire Broadsword Marine Contractors Pty Limited (Broadsword) for an initial consideration of $48.8 million, and further deferred consideration of $26.7 million payable over three years; for a total consideration of $75.5 million. Broadsword is a Northern Territory based, highly regarded marine services provider with exposure to the full lifecycle of activity in the Australian oil and gas sector. Broadsword provides inshore and offshore ‘shallow water’ services to a high quality client base, with a fleet of small to medium vessels (typically less than 40 metres), and has an established presence in the Northern Territory, Western Australia and Queensland. The acquisition will be wholly funded through the Group’s existing debt facilities. The transaction is expected to be completed in July 2013.