MMA Offshore Limited, a Perth-based marine and subsea services company listed on the Australian Securities Exchange, has reported improved earnings guidance and performance for the second half of the year.
The company said it updated its financial guidance for fiscal 2024, now expecting underlying EBITDA to be between $146 million and $149 million and underlying EBIT to be between $96 million and $99 million.
This performance follows the successful completion of a number of projects.
Also contributing to the favorable result were negotiated payments, including payment for unused contract maintenance days, negotiated recoveries from clients of previously expensed costs, turnaround of project scopes that were forecast to be significantly below expectations following contract negotiations, and the substantial completion of key subsea projects which exceeded high-case expectations due to what MMA described as efficient execution and cost control.
“The current trading environment, combined with the above payments, is expected to result in the fourth quarter of the current fiscal year above the expectations incorporated into MMA's previous revenue guidance,” the report said.
MMA continues to focus on building its backlog of contracted work for fiscal year 2025 and securing long-term contracts to improve overall revenue stability over the coming years.
The MMA directors continue to unanimously recommend that MMA shareholders vote in favour of the Scheme of Arrangement with Cyan MMA Holdings Pty Ltd, in the absence of a superior proposal and subject to the independent expert continuing to conclude that the Scheme is in the best interests of MMA shareholders.
MMA Offshore provides global marine and subsea services with a modern offshore fleet pioneering blue solutions supporting energy and offshore renewable energy projects, governments and coastal infrastructure around the world.
MMA is headquartered in Perth with offices in Singapore, Taiwan, Malaysia, Dubai and the UK.
