MMA Offshore Limited (MMA) announced on Wednesday (Mar23) that it has completed sale of the vessel MMA Leveque to a subsidiary of Fortescue Future Industries (“FFI”) for US$7.75M.
FFI plans to convert the vessel to dual fuel with the objective of operating almost totally on green ammonia. The vessel will join FFI’s prototype trucks, locomotives, drill rig and other mobile equipment which are currently being trialled to operate on green fuels.
MMA will utilise the proceeds from the sale of the vessel (A$10.46m) to continue de-levering its balance sheet.
Commenting on the transaction, MMA’s Managing Director, Mr David Ross, said:
“We are excited to continue working with FFI, with the MMA Leveque now joining Fortescue Future Industries, where the goal is to transform the vessel to run almost totally on green ammonia.”
This announcement has been authorized for release to ASX by the Company's Board.