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.


Offshore

Onshore Spending on the Cusp of Recovery?

DW’s recently released quarterly World Oilfield Services Market Forecast (OFS) and World Oilfield Equipment Market Forecast (OFE) continue to suggest 2016 will

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

Coast Guard

El Faro Captain Ordered Crew to Abandon Ship before Sinking

The captain of the doomed El Faro cargo ship sounded an alarm for his crew to abandon the vessel shortly before it sank last fall in a hurricane near the Bahamas, killing all 33 onboard, the U.

Navy Discovers Malaysian Tanker

Indonesia's navy has found a tanker carrying almost US$400,000 worth of diesel that was taken by its own crew last week due to a commercial dispute, says a report in AFP.

Philippines: Sea Dispute Won't Shift Ties with China, U.S.

The Philippines' territorial dispute with China over the South China Sea has not caused Manila to rebalance diplomatic ties with either its ally, the United States,

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Salvage Ship Simulators 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: 0.1029 sec (10 req/sec)