PPL Shipyard Completes Acquisition of Sabine Industries

Thursday, October 13, 2005
Further to its announcement dated September 22, 2005, “SembCorp Marine’s PPL Shipyard Acquires Sabine Shipyard in Texas, USA”, SembCorp Marine is pleased to announce that its subsidiary PPL Shipyard has completed the acquisition of a 100 per cent equity interest in Sabine Industries, Inc. (SII) and its subsidiaries Sabine Offshore Services, Inc (SOSI) and Sabine Shipyards, Inc (SSI) and a 25 per cent equity interest in Sabine Vessels, Inc (SVI) for a total consideration of US$6.4 million. PPL Shipyard’s net consideration for the 100 per cent equity interest in Sabine Industries, Inc is based on the valuation of the net tangible assets of SII and its subsidiaries SOSI, SSI and associated company SVI. The acquisition will be funded from PPL Shipyard’s own internal resources.

The acquisition is in line with SembCorp Marine’s strategy to establish a strategic hub to serve its customers in the Gulf of Mexico region and to grow its offshore business. Barring unforeseen circumstances, SembCorp Marine expects a positive contribution to its earnings from the acquisition. However, this acquisition is not expected to have a material impact on the net tangible assets and earnings per share of SembCorp Marine for the year ending December 31, 2005. PPL Shipyard is a rig-building yard with proven track record in the building and servicing of jack-up and semi-submersible rigs. To-date, PPL Shipyard has built 26 jack-ups and 4 semi-submersibles, including two deepwater jack-up rigs for Global SantaFe International.

Sabine Industries, Inc is the holding company of Sabine Offshore Services, Inc., Sabine Shipyard, Inc. and Sabine Vessels, Inc. Sabine Offshore Services, Inc is a wholly owned subsidiary of Sabine Industries, Inc. The company specialises in the supply of consumables and bunkers to fishing and offshore vessels operating in the vicinity of Sabine. Sabine Shipyards, Inc is a wholly owned subsidiary of Sabine Industries, Inc. Its main activities include the repair and refurbishment of drilling rigs. The shipyard also provides offshore construction and related fabrication capabilities to the drilling contractors located in the Gulf of Mexico region. Sabine Vessels, Inc is a 25 per cent owned associated company of Sabine Industries, Inc. Its main activity is to own and operate vessels.

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

Offshore

US Oil Drillers Add Rigs for 4th Week in 5

U.S. drillers this week added oil rigs for a fourth week in five, according to a closely followed report Friday, in the best month of producers returning to the

Norsafe Secures Contract with VARD Group

Norsafe informs it has signed a new contract with VARD Group, and will supply lifeboats complete with davit systems to a series of 15 new vessels.    Topaz Energy

India’s Potential in Offshore Wind Power

The Global Wind Energy Council (GWEC) launched a new report: “Supply Chain, Port Infrastructure and Logistics Study” for offshore wind development in the states of Gujarat and Tamil Nadu in India.

Coast Guard

Tanker Allision on the Piscataqua River

The U.S. Coast Guard says it is continuing to monitor the condition of the chemical tanker Chem Venus, after it allided with three unoccupied, moored sailboats

Beijing Slams South China Sea Court Proceedings

Permanent Court of Arbitration ruling set for July 12. An international court said it would deliver a hotly anticipated ruling in the Philippines' case against

BSM Acquires USCG Qualship 21 Program Approval

Bernhard Schulte Shipmanagement is proud to announce that it has received US Coast Guard (USCG) Qualship 21 Program approval for the BSM India-managed, Algoma-owned

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators Sonar 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: 0.0317 sec (32 req/sec)