$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 Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Sinopec's Profit up at 32.5 billion yuan in 1H, 2014

Asia's largest refiner - China Petroleum & Chemical Corporation announced Friday night, according to international accounting standards, the first half net profit of 32.

Polynesian Shipping Sold to Neptune Pacific Line

The Board of Polynesian Shipping Line Limited, Apia informed   that the business and the Company’s associated investments have been sold to Neptune Pacific Line Limited.

Airbus May Sell Stake in Submarine Supplier

Airbus is considering a sale of its 49 percent stake in submarine supplier Atlas Elektronik as part of a reshuffle of its military business, German newspaper Die

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0972 sec (10 req/sec)