Neptune Marine Services (ASX:NMS), a provider of engineered solutions for the offshore oil and gas industry, today abandoned plans to acquire Singapore-based Core IRM.

Neptune had planned to acquire Core IRM – one of the largest suppliers of inspection, repair and maintenance services for the oil and gas industries – for around S$13 million ($10.15 million).

But the company told the ASX it had been unable to reach commercially agreeable terms for the final transaction.

Due diligence is continuing regarding Neptune’s proposed acquisition of Scotland-based Submersible Technology Services, the company added.