$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 June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Will Maersk Line acquire HMM

There are rumours among observers that the  market leader Maersk Line is planning to acquire South Korea’s shipping major Hyundai Merchant Marine (HMM).   Neither

VEB Guarantees $3 Bln of Yamal LNG Debt

Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek.

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.0717 sec (14 req/sec)