MMA Offshore Limited (ASX : MRM) entered into an agreement to acquire Subcon International Pty Ltd for AUD 8.4 million on June 23, 2022. The purchase consideration, totaling AUD 8.4 million, will comprise AUD 4.2 million in cash, to be paid from existing cash reserves, with the balance of the consideration to be issued in MMA ordinary shares at the 60-day volume weighted average share price on completion. The share consideration will be subject to a 2-year escrow period. The current Subcon team will continue with the business including Subcon's founder, Matthew Allen and Chief Executive Officer, Cameron Stirling who will both be instrumental in continuing to lead and grow the business under MMA's ownership. Subcon's personnel will be retained with certain key personnel subject to non-compete and nonsolicit obligations. Completion of the transaction is subject to a number of customary conditions precedent and is expected to occur in July 2022. Transaction is expected to be immediately EPS accretive.

MMA Offshore Limited (ASX : MRM) completed the acquisition of Subcon International Pty Ltd on July 28, 2022.