ASX Release
10 July 2017
47 Burswood Road Burswood WA 6100T (08) 9216 2100
F (08) 9216 2186
www.programmed.com.au
Programmed Maintenance Services Ltd
ACN 054 742 264
Programmed forms 50/50 Marine Services JVProgrammed (ASX:PRG), which provides staffing, maintenance and facility management services, today announced the execution of agreements relating to the formation of a 50/50 marine services joint venture in Australia and New Zealand with Atlas Professionals, a global provider of staffing services to the offshore oil and gas industry, headquartered in the Netherlands.
As part of these agreements, Programmed has sold Atlas 100% of its international marine activities and 50% of its Australian and New Zealand marine services business for $7.5 million cash up‐front and $21.5 million in a vendor finance arrangement (value of transaction is $29 million). Programmed's vendor finance will carry 5% interest.
Atlas will bring to the Australia and New Zealand joint venture, opportunities with its global customers, which will enable the marine business to enjoy the benefits of operating as a global enterprise.
For further information contact:General / Investor Enquiries | General / Investor Enquiries | Media Enquiries |
Chris Sutherland | Stephen Leach | Anthony Tregoning |
Managing Director | CFO | Financial & Corporate Relations |
Telephone: +61 8 9216 2123 | Telephone: +61 8 9216 2191 | Telephone: +61 411 852 448 |
Programmed Maintenance Services Limited published this content on 10 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 July 2017 02:35:13 UTC.
Original documenthttps://www.programmed.com.au/media/66449/30-programmed-forms-50-50-marine-services-jv.pdf
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