The Marine Services Corporation (MSC) has been granted a $7.5 million stake in the company.
The $15 million was raised by the company’s first $10 million round in September 2017.
The stake will provide the MSC with an estimated valuation of about $8.5 billion, the company said in a statement on Monday.
The company is a division of the State of New South Wales Government and is responsible for providing marine services to the state’s coastal communities.
It also operates in Victoria and NSW, including in Port Macquarie.
The Government’s first round of funding for the MSB was valued at about $1.5bn.
The deal is expected to be completed in the second half of the year.
The new $7 billion deal is the first major investment by the NSW Government in marine services, with the Government expecting a return of $20 billion in investment by 2025.
The MSB will be responsible for the provision of marine services for the Australian public for up to 20 years.
It is the second-largest marine service provider in Australia and has more than 40,000 employees.