Mermaid Marine to buy Singapore's Jaya

The Australian oil and gas marine services provider started an accelerated bookbuild on Tuesday to help fund the $496m acquisition, which will almost double its vessel fleet.

Mermaid Marine Australia is looking to sell shares this week to help fund the A$550 million $496 million purchase of Singapore oil and gas marine service provider Jaya Holdings, which will almost double its vessel fleet.

The Australian oil and gas marine services provider began an accelerated bookbuild on Tuesday, and aims to raise A$317 million by selling a total of 132 million shares.

According to a term sheet, the offering comprises a A$217 million underwritten pro rata accelerated renounceable entitlement offer for existing shareholders and a A$100 million placement of new shares for institutions. 

Trading in Mermaid Marine shares was...

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