Skilled acquires NT-based marine group
Employment services firm Skilled Group is paying $75.5 million for a Darwin-based marine contractor with oil and gas sector clients.
Skilled's shares have risen by five cents, or 2.29 per cent, to $2.23 following the announcement it would acquire Broadsword Marine Contractors.
An initial consideration of $48.8 million would be followed by a $26.7 million payment over three years, totalling $75.5 million, the company told the market on Monday.
Broadsword operates in the Northern Territory, Western Australia and Queensland.
The acquisition would complement Skilled's existing marine logistics business, Offshore Marine Services, it said.
Skilled Group chief executive Mick McMahon said the acquisition would give the company a greater energy sector presence.
"This is a carefully-targeted and financially-compelling acquisition that extends our capability, geographical reach and exposure to oil and gas, while enabling an extension of service to our clients," he said in statement.
Broadsword founder Grant Farris will continue to manage the business.
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