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Ppl Holdings News

23 Aug 2016

Singapore's SembMarine to Take Full Control of PPL Shipyard

Singaporean rig builder Sembcorp Marine Ltd said it had agreed to buy the 15 percent of PPL Shipyard Pte Ltd it did not already own for about $115 million from PPL Holdings Pte Ltd and E-Interface Holdings Ltd. "This will enable the company to optimally manage the businesses, finance and resources of PPLS, and fully align the latter's corporate strategies to the company to generate sustainable returns," SembMarine said in a statement. PPL Shipyard, 85 percent owned by SembMarine, designs and builds oil rigs and ships. Last week, SembMarine, which has been suffering from a slump in orders due to low oil prices, agreed to buy Norway-based ship design firm LMG Marin AS for $20 million.

29 Jul 2013

Legal Spat Settled Mainly in Favour of Sembcorp Marine

The Court of Appeal in its judgment today ruled that certain provisions in the Joint Venture Agreement between Sembcorp Marine and PPL Holdings premised on equal shareholding no longer applied when Sembcorp Marine increased its shareholding from 50% to 85% in PPLS. The Court of Appeal, however, did not agree that Sembcorp Marine had the right to terminate the Joint Venture Agreement. The cross appeal by PPL Holdings, including their claim to the right to appoint the Managing Director, was dismissed entirely. The Court of Appeal also ruled that certain resolutions passed by Sembcorp Marine’s nominated PPLS directors were valid and not in breach of the provisions in the Joint Venture Agreement. The Sembcorp Marine nominated PPLS directors’ removal of Mr.

11 Apr 2001

Sembcorp Marine Acquires A 50 Percent Stake In PPL Shipyard

SembCorp Marine has signed a Sale and Purchase Agreement with PPL Holdings Pte Ltd to acquire a 50 percent equity stake comprising 10,000,000 shares of $1.00 each in PPL Shipyard Pte Ltd. (PPLS) for $16 million. PPLS' business is primarily in oil rig and vessel construction as well as steel fabrication. It has recently secured a contract for the construction of two jack-up drilling rigs, each having a value of $125 million, from Sante Fe International Corp., with a construction period of 24 months for each rig. There are also options for four additional jack-up drilling rigs to be built for Sante Fe International Corporation. Last year, PPLS delivered a semi-submersible drilling rig named Cajun Express to U.S. offshore drilling company, Transocean Sedco Forex Inc.