Sembcorp Plants UK Footprint

Press Release
Tuesday, September 18, 2012

Sembcorp Marine (SMOE) acquires, from Smulders Group, SLP Engineering Limited (SLP) based in Lowestoft, UK.

SLP  will be renamed Sembmarine SLP Limited (Sembmarine SLP) and will be held through newly incorporated company Sembmarine North Sea Limited (Sembmarine North Sea).  Sembmarine North Sea will be 70% owned by SMOE and 30% owned by eight members of the SLP Management team led by its Managing Director, Mr Paul Thomson.

SMOE will acquire all the shares in SLP from Zefier, a subsidiary of Smulders Group.  Under the Sales & Purchase Agreement signed on 14 September 2012, SMOE will pay about £2.5 million for both shares and settlement of the intercompany loans of SLP.  The deal will be completed only upon certain conditions being met.  The NTA of SLP is about £0.7 million.

Mr Ho Nee Sin, Managing Director of SMOE said “Following the acquisition, Sembcorp Marine will now have a footprint in the UK, providing synergistic support and reaching out to its North Sea clientele. Sembmarine SLP offers the opportunity for future growth in new business areas within the renewable energy sector as well as in the fabrication of minimum facilities platforms (MFP) for marginal oil and gas fields in the North Sea and Asia Pacific waters.”

Mr Paul Thomson, Managing Director of Sembmarine SLP said “We are delighted to be part of the Sembcorp Marine Group, a leading offshore engineering group with diverse capabilities in rig building, ship construction, ship conversion, ship repair and offshore engineering & construction.




 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

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

People & Company News

No Clues on Hanjin's Financial Health

Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.

DP World's H1 Volumes Rise

Ports operator DP World reported on Tuesday first-half 2016 gross container volumes up 1.2 percent on a like-for-like basis and up 2.5 percent on a reported basis.

Samil PwC Okays Hyundai's Management Improvement Plan

Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement

Offshore

Cambodia Urged ASEAN to Avoid Words That Escalate Tension

Cambodia advised a grouping of South East Asian nations to avoid using words that "would escalate tension between China and the Philippines" in a weekend statement,

Summer Cruise to North Sea Oil Rigs Amazes Tourists

Bored with palm-fringed beaches and turquoise seas? Then the gigantic oil platforms of the North Sea beckon. The first ever "rig-spotting" cruise just ended off the coast of Norway,

Staying Afloat Down Under?

In recent years, Australia has been a major growth area for offshore gas production and a key driver of offshore CAPEX, says Clarksons Research.   However, the

Mergers & Acquisitions

New Container Facility at Krishnapatnam Port

Krishnapatnam Port, India's largest all-weather; deep water port on the east-coast of India has inaugurated CONCOR’s - Port Side Container facility – a Government of India undertaking.

IOC Mulls Buying GSPC's Stake in Mundra Terminal

Indian Oil Corporation (IOC), the country's largest oil company,  is in talks to buy debt-laden Gujarat State Petroleum Corp’s (GSPC) stake in the under-construction Rs.

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

 
 
Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Ship Electronics 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: 0.1007 sec (10 req/sec)