PERTH-BASED, ASX-listed marine and subsea services company MMA Offshore Limited has reported an improved earnings visibility and performance in the year’s second half.

It reported an updated earnings guidance for FY2024 of an underlying EBITDA expected to be in the range of $146 to $149 million with an underlying EBIT is expected to be in the range of $96 to $99 million.

The performance follows the positive completion of a number of projects.

Also contributing to the positive result were: negotiated payments including: payout of unused contracted maintenance days; the negotiated recovery from clients of previously expensed costs; the turnaround of a project scope which had been forecast to significantly underperform following contractual negotiations; and substantial completion of a key subsea project which outperformed the high case forecast due to what MMA said was efficient execution and cost management.

“The current trading environment combined with the above payments are expected to result in the last quarter of this financial year outperforming the forecast factored into MMA’s previous earnings guidance,” the report said..

MMA continues to focus on building its backlog of contracted work for FY2025 and securing longer term contract positions to improve the overall stability of earnings for the coming years.

The Directors of MMA 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 offers global marine and subsea services with a fleet of modern offshore vessels pioneering blue solutions to support energy and offshore renewables projects, governments and coastal infrastructure around the world.

With its headquarters in Perth MMA has offices in Singapore, Taiwan, Malaysia, Dubai and the United Kingdom.