$8.8 Million Grants SembCorp 50 Percent Of PPL

Monday, April 02, 2001
SembCorp Marine Ltd (SCM), Singapore's largest ship repairer, said on Monday it acquired a 50 percent stake in Singapore-based PPL Shipyard Pte Ltd for S$16 million ($8.8 million).

The purchase would be financed through internal funds, it said in statement to the Singapore Exchange.

PPL is involved in the oil rig, vessel construction and steel fabrication businesses. It recently secured a contract for the construction of two jack-up drilling rigs, worth $125 million each, from Santa Fe International Corp.

"PPL has established a strong track record in rig buildings and our acquisition will give us a foothold in this business," a company official said.

"Furthermore, rig building has a strategic fit with our core businesses of ship repair, ship building, ship conversion and offshore engineering."

The acquisition was not expected to have a material impact on the earnings and net tangible assets of SCM.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0731 sec (14 req/sec)