SembCorp To Sell Marine Segment

Monday, March 19, 2001
SembCorp Logistics said on Monday it agreed to sell its marine business to PSA Marine, a unit of Singapore port operator PSA Corp, for S$207.5 million ($117 million).

The company said in a statement the sale would be satisfied fully in cash and represented about 1.35 times the proforma net tangible assets of the marine services business as at December 31, 2000. The sale of the marine services business (a 62 percent subsidiary of SembCorp Industries) is part of the company's long-term strategy to exit non-core businesses to focus on logistics, it said. The sell-off the company, which comprises harbor and ocean towage services, salvage operations and marine transportation, had long been expected.

Analysts said the proposed sale could be a catalyst for its share price, which had been pressured by doubts about how it could generate synergies from its tie-up with Swiss logistics company Kuehne & Nagel International (KNI). "It's not a core business for them. This could help their balance sheet," said an analyst. SembLog said that the effect of the proposed sale would reduce its earnings per share before extraordinary items for the year ended December 31, 2000 to $15.26 from $26.36, while earnings per share after extraordinary items would increase to $33.95 from $26.36.

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Conrad Shipyard Bags LNG Order

Energy infrastructure and LNG solutions provider WesPac Midstream and its subsidiary Clean Marine Energy (CME) have awarded a contract to Conrad Orange Shipyard

Electronics Retrofit for Taiwanese Research Vessel

L-3 SAM Electronics has been awarded a contract to retrofit propulsion control and automation systems aboard the Taiwanese Navy’s Ta Kuan hydrographic and oceanographic research vessel.

Tall Ship in Wet Dock for Repairs

The largest brig to be built in the U.K. in a century sailed into in a Greenock dry dock yesterday for general maintenance and essential winter repairs.   The

Finance

Vard Increased Revenues 15.8% in 2014

Shipbuilder Vard Holdings Limited increased revenues 15.8% in 2014, the company announced in its year-end financial report today. On the back of very high activity

CGG to cut Vessel Fleet Further

French seismic group CGG said on Thursday it would further cut its fleet of seismic vessels after declining demand from oil and gas clients hit by the falling oil

Atlantic Gas Swings Keep LNG Traders Guessing

MILAN, Feb 26 (Reuters) - Atlantic natural gas markets are seeing some of the biggest price swings in years as volatile European trade, freezing U.S. weather

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair 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: 0.1192 sec (8 req/sec)