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

Offshore

OTC Names 2016 Award Winners

The 2016 Offshore Technology Conference (OTC) will honor this year’s Distinguished Achievement Award recipients on Tuesday, 3 May, in Houston.   As part of the

JFD Wins Lifeboat Design Contract for Flash Tekk

JFD, part of James Fisher and Sons plc, announced that it has won a contract with Singaporean company Flash Tekk Engineering for the design and manufacture of up

Wärtsilä's' BWMS for New Crane Ship Design

A new crane ship designed by Netherlands based Royal IHC, a global leader in offshore, dredging and mining vessels, will feature the Wärtsilä Aquarius UV Ballast Water Management System (BWMS).

Coast Guard

Noncompliant Cargo Ship Banned from Australia

The 86-meter general cargo ship Noah Satu has been prohibited from entering or using any Australian ports for the second time in less than 12 months, following another round of safety,

Seventh Whale Stranded Off Norfolk Coastline

A seventh whale has been reported in shallow water off the coast of Mundesley, Norfolk this morning, February 9.   A member of the Mundesley Coastguard Rescue

Grounded Giant Chinese Boxship Freed

One of the world's largest container ships has been freed from a mud bank after running aground almost a week ago near Germany's largest port of Hamburg, German authorities said on Tuesday.

 
 
Maritime Contracts Maritime Security Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.0919 sec (11 req/sec)