SeaLink Travel Group has completed its $125 million acquisition of Transit Systems Marine, making SeaLink the largest marine transport and tourism business in Australia.
"Since the original announcement, we are delighted that Transit Systems Marine has finalised two operational contracts for the gas plants on Curtis Island near Gladstone," SeaLink managing director Jeff Ellison said on Friday.
"We believe this is a game changer for the company because it has delivered broader expertise and an increase in our fleet from 27 to 60 vessels which creates significant opportunities for further expansion."
Mr Ellison said the company saw potential for new contracts for passenger ferry services and tourism transport services, aligning with current international tourism growth.
"Initially we are optimistic for further transport opportunities on Sydney Harbour and growth in our southeast Queensland services," he said.
He said SeaLink was also benefiting from an improved earnings stream with more long term contracts with large-scale business operations and government, and the addition of Transit Systems management teams.
The acquisition was funded through the issue of 3.2 million shares to the vendor and a recent capital placement and share purchase plan which raised $51 million, with the balance being funded by debt.
