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Temasek News

05 Mar 2024

Singapore's Temasek Shortlists Saudi Aramco, Shell in Sale of Pavilion Energy Assets

© vladsv / Adobe Stock

Singapore's Temasek Holdings has shortlisted energy giants Shell and Saudi Aramco among a handful of companies to purchase most of the assets of liquefied natural gas (LNG) trading firm Pavilion Energy, sources with knowledge of the matter said.The sale process comes a decade after the state investment firm set up Pavilion Energy to focus on LNG-related investments, and takes place as spot Asian LNG prices LNG-AS have fallen more than 40% since mid-August, potentially weighing on the deal's valuation.Temasek is evaluating bids for the sale of Pavilion Energy's assets…

05 Jun 2023

Amogy Increases Series B Round to $150 Million

(Photo: Amogy)

Brooklyn, N.Y. based startup Amogy on Monday announced it has raised more funds to help it commercialize and begin manufacturing its emissions-free ammonia-to-power technology for marine and industrial applications. The company aims to bring its first product to market in 2024.Amogy said its Series B-2 fundraising was joined by Marunouchi Climate Tech Growth Fund, Mitsubishi Corporation, Mitsubishi Heavy Industries America and Synergy Marine, raising $11 million. This concludes…

04 Apr 2023

Ammonia-powered Tug Conversion Underway

Amogy is retrofitting its ammonia-to-power system on board a 1957-built tug at Feeney Shipyard in Kingston, N.Y. (Photo: Amogy)

A first-of-its-kind ammonia-powered, zero-emission tugboat will be put to the test by Brooklyn, N.Y-based startup Amogy in late 2023.Having already successfully demonstrated its technology on an aerial drone, tractor and semi-truck, the ammonia power solutions company revealed in early March that it is retrofitting a scaled up 1-megawatt (MW) version of its ammonia-to-power system onto a tug at Feeney Shipyard in Kingston, N.Y. as a test run for its emissions-slashing power and propulsion technology in the commercial maritime sector.Once installed…

22 Mar 2023

Ammonia Startup Amogy Raises $139 Million

(Image: Amogy)

Brooklyn, N.Y. startup Amogy on Wednesday announced it has raised $139 million to begin manufacturing its ammonia-to-power technology and bring its first product to market in 2024.The Series B-1 fundraising round was led by SK Innovation, joined by other global investors including Temasek, Korea Zinc, Aramco Ventures, AP Ventures, MOL PLUS, Yanmar Ventures, Zeon Ventures and DCVC. “We are working from a place where we have no doubt that our technology will change the world,” said Seonghoon Woo, CEO of Amogy.

27 Oct 2022

Sembcorp Marine to Buy Keppel Offshore & Marine for $3.2B, Scraps Merger Plan

©Sembmarine (File photo)

Singapore's Sembcorp Marine (Sembmarine) scrapped a deal to merge with Keppel Corp's offshore and marine unit and form new company, in favour of directly buying the unit for S$4.50 billion ($3.19 billion), the Temasek-backed oil rig builder said on Thursday. The new structure also lowers the value of Keppel's unit by S$378 million from the S$4.87 billion valuation it got according to the terms of the previous agreement struck in April, Sembmarine said. This deal gives Sembmarine's shareholders a bigger stake –– of 46% stake…

27 Apr 2022

Offshore Rig Builders Keppel O&M and Sembcorp Marine Set to Combine

Caption: From left: Mr Loh Chin Hua, CEO of Keppel Corporation and Chairman of Keppel O&M; Mr Chris Ong, CEO of Keppel O&M; Mr Wong Weng Sun, President & CEO of Sembcorp Marine, and Tan Sri Mohd Hassan Marican, Chairman of Sembcorp Marine at the signing of definitive agreements between Keppel Corporation and Sembcorp Marine for the Proposed Combination of Keppel Offshore & Marine and Sembcorp Marine.

Singapore's Sembcorp Marine (Sembmarine) has agreed to a multi-billion dollar merger with Keppel Corp's larger offshore and marine unit, a year after the Temasek-backed firms began deal talks to cope with an industry downturn.The loss-making oil rig builders have been whiplashed by years of oversupply and oil price volatility as well as a drop in new orders.Such troubles have been exacerbated by the global transition towards renewable energy, consolidation at Chinese and South Korean rivals…

31 Mar 2022

Keppel Offshore & Marine, Sembcorp Marine Working on Merger

©Keppel Offshore & Marine

Keppel Corp's offshore and marine (O&M) arm and smaller rival Sembcorp Marine are working towards having an agreement over their business unification in place by the end of April, the companies said on Thursday.The companies had first announced plans to combine their loss-making O&M businesses in June last year. The deal would see Keppel spin off the new business into a listed entity, with Singapore state investor Temasek becoming the largest shareholder in the combined company.

22 Dec 2021

Maersk to Buy LF Logistics for $3.6B

Credit: Björn Wylezich/AdobeStock

Container shipping giant Maersk on Wednesday agreed to buy Hong Kong-based LF Logistics for $3.6 billion in an all-cash deal, as it seeks to expand beyond its core ocean freight business.The deal is one of the group's largest takeovers to date and follows a series of acquisitions including e-commerce firms, a freight forwarder specializing in air freight and its smaller rival Hamburg Sud."The acquisition will further strengthen Maersk's capabilities as an integrated container logistics company…

02 Dec 2021

Singapore's Temasek Working with Portfolio Firms in Green Transition

Conglomerate Keppel Corp and Sembcorp Marine are considering combining their loss-making offshore and marine (O&M) businesses, with Temasek set to become the largest shareholder in the combined company. - File Photo: Keppel

Singapore state investor Temasek is working with its portfolio companies to help them become more green as advancing sustainability goals becomes the new normal, the firm's chief sustainability officer said on Thursday.Temasek, with a portfolio valued at S$381 billion ($278.81 billion) as of March, has committed more than S$2 billion this year to the decarbonization sector alone, Steve Howard told the Reuters Next conference."We want to work with those companies and help make sure that they are supported in having transition plans," Howard added.

24 Jun 2021

Keppel, Sembcorp Marine in Talks to Merge Offshore and Marine Units

Keppel Tuas Shipyard - File Photo: Keppel Corp.

Temasek-backed Singapore conglomerate Keppel Corp and smaller rival Sembcorp Marine are exploring a potential tie-up which would see them combine their struggling offshore and marine (O&M) businesses after years of losses in an industry downturn.A successful deal would see Keppel spin off the new business into a listed entity and ultimately exit from the legacy business. Temasek would become the largest shareholder in the combined unit, while Sembcorp will also own a stake in it.Keppel's O&M unit…

09 Jun 2021

Pavilion Energy Pens 10-Year LNG Deal with BP

Credit: BP

Singapore's Pavilion Energy has signed a 10-year deal to buy liquefied natural gas (LNG) from BP's Singapore unit starting in 2024, the companies said on Wednesday, as the city-state seeks to diversify its gas supply sources.The long-term binding LNG sale and purchase agreement (SPA) is for the supply of about 0.8 million tonnes of LNG a year to Singapore, Pavilion and BP said in a joint statement. They did not give financial details.This is the third long-term deal that Pavilion, owned by Singapore state investor Temasek Holdings, has signed since November.

21 Apr 2021

Singapore Launches $90 Million Shipping Decarbonization Fund

© joyt / Adobe Stock

The Maritime and Port Authority of Singapore (MPA) announced two initiatives on Wednesday to reduce the shipping industry's greenhouse gas emissions, including a S$120 million ($90 million) fund for a decarbonization center."Maritime decarbonization is a global challenge requiring a collective responsibility from all stakeholders involved," MPA Chief Executive Quah Ley Hoon said in a statement.With about 90% of world trade transported by sea, shipping accounts for nearly 3% of…

22 Feb 2021

Singapore: Pavilion Energy, Chevron Pen LNG Supply Deal

Frédéric H. Barnaud (left), Group CEO of Pavilion Energy, and Law Tat Win (right), Chevron Singapore Country Chairman.

Singapore's Pavilion Energy Trading & Supply Pte Ltd said on Monday it signed a six-year sale and purchase agreement with Chevron Corp for about 0.5 million tonnes per year of LNG supplies from 2023.Pavilion Energy, owned by Singapore state-owned investment company Temasek Holdings, struck the deal with Chevron's Singapore branch.Each cargo supplied to Singapore under the agreement will be accompanied by a statement of its greenhouse gas emissions (GHG) measured from wellhead to discharge port…

29 Sep 2020

Keppel Starts Review of Struggling Offshore and Marine Business

Singaporean conglomerate Keppel Corp said on Tuesday it had identified assets worth S$17.5 billion ($12.8 billion) that could potentially be monetized, including through sales, and started a review of its loss-making offshore and marine (O&M) business.The plans unveiled on Tuesday are part of Keppel's 10-year strategy that it had flagged earlier this year to refocus its portfolio to energy and environment, urban development, connectivity, and asset management.Keppel said it was exploring options including strategic mergers and disposals for its offshore and marine business…

30 Jul 2020

Rig-building Impairments Drag Keppel to 1H Loss

(File Photo: Keppel)

Singaporean conglomerate Keppel Corp reported a loss in the first half of 2020 due to impairments in its offshore and marine business that has been battered by low global oil prices.Keppel posted a net loss of S$537 million ($390 million) for the six months to June, compared with a net profit of S$356 million a year ago.The company, whose businesses range from property development to rig-building, said it incurred impairments of S$930 million during the period mostly related to its offshore and marine business.The market is closely watching results for any breach of pre-conditions to state inv

29 Jul 2020

Analysts: Temasek Might Drop $3B Bid to Acquire Controlling Stake in Keppel

Keppel Tuas Shipyard - Credit: Keppel Corp.

Temasek Holding's $3 billion bid to acquire a controlling stake in Keppel Corp will be under scrutiny on Thursday as a big quarterly profit drop at the conglomerate could raise the risk of the state investor dropping its proposal, analysts said.Keppel last week warned that material impairments relating to its offshore and marine segment (O&M) would hurt profits, which analysts say could breach so-called material adverse change (MAC) clauses of Temasek's offer.Analysts said the impairments would typically affect net asset value and net profit after tax…

09 Jun 2020

Temasek Supports Sembcorp Marine's $1.5B Rights Issue

For illustration; Sleipnir, the world’s largest and strongest semi-submersible crane vessel built by Sembcorp Marine - Credit- Sembmarine

Singapore's Temasek Holdings stepped in on Monday to support a S$2.1 billion ($1.5 billion) rights issue by Sembcorp Marine as the state investor moves to help the city-state's struggling rig-building sector.Following the deal, loss-making Sembcorp Marine, which has been hit hard by an industry downturn, plans to demerge from its parent company Sembcorp Industries."It's just the next step in Singapore's long overdue consolidation of the offshore and marine sector," said KGI Securities analyst Joel Ng.

27 May 2020

Pacific International Lines Secures Debt Deal

Singapore-based container ship operator Pacific International Lines Pte (PIL) has agreed with most of its financial lenders to defer debt payments and is in talks with a unit of Singapore state investor Temasek Holdings for a potential investment.PIL said in a statement on Tuesday that it had made significant progress in cutting asset costs due to the challenges the sector has been facing but the coronavirus pandemic had made matters worse over the past month.“Due to the situation, the company had commenced discussions with 15 of its financial lenders with a view to concluding a formal agreement concerning a debt-reprofiling plan with these stakeholders…

09 Feb 2020

Total in 10-Year LNG Bunkering Pact with Pavilion

Temasek-owned Pavilion Energy has signed a 10-year fully-termed agreement to jointly develop an LNG bunker supply chain in the port of Singapore with Total Marine Fuels Global Solutions (TMFGS),  a subsidiary of French energy conglomerate Total SA.Global law firm Norton Rose Fulbright has advised  on signing the contract.The agreement includes the shared long-term use of 12,000 cu m LNG bunker vessel (LNGBV). In February this year Pavilion chartered an LNGBV newbuilding from Mitsui OSK Lines (MOL) which is currently being constructed at Sembcorp Marine’s Tuas Boulevard Yard in Singapore.Working in support of Total Marine Fuels’ in-house legal team…

21 Oct 2019

Temasek Bids $3 Bln for Control of Keppel

(File photo: Keppel Offshore & Marine)

Singapore state investor Temasek Holdings is offering to buy control of conglomerate Keppel Corp in a S$4.1 billion ($3 billion) deal that could hasten a consolidation in the rig building sector which is battling the effects of low oil prices.The announcement, which confirmed what two sources with knowledge of the matter told Reuters earlier on Monday, boosted shares in rig builder Sembcorp Marine by 12% on expectations of a likely shake-up in the industry. Shares in Sembcorp's parent Sembcorp Industries rose 10%.Keppel's offshore and marine unit…

07 May 2019

PSA to Acquire Halterm, Penn Terminals

Singapore-headquartered port operator PSA International is all set to take over the Halterm Container Terminal in the Port of Halifax, Canada, and multipurpose Penn Terminals in Pennsylvania, USA.Both Halterm and Penn terminals are 100% owned by Macquarie Infrastructure Partner funds, a fund managed by Macquarie Infrastructure and Real Assets (MIRA). The price was not disclosed.Halterm terminal at the Port of Halifax is the largest container terminal in Eastern Canada. Penn Terminals located in Philadelphia, USA offers steverdoring, marine terminal and cargo entry for ports in the United States.PSA, which is owned by Temasek, the sovereign wealth fund of Singapore, said it is in the process of securing regulatory approvals from U.S. and Canadian authorities.

05 Apr 2019

PSA Group Appoints Peter Voser as Chairman

PSA International, one of the world's largest port operators, announced that  Peter Voser, currently Deputy Chairman, is taking on the role of Group Chairman of the PSA Board.Fock Siew Wah stepped down as Group Chairman on 1 April 2019, and will assume the role of Special Advisor to PSA until his retirement on 31 July 2019.As one of PSA’s longest serving Chairmen, Fock has steered PSA with visionary leadership and strategic foresight since August 2005. With his astute guidance, the PSA Group’s global footprint has grown to its current day span of over 50 coastal, inland and rail terminals in 17 countries, and volumes have doubled to…

28 Nov 2018

NYK to Demonstrate Tidal Energy in Singapore

Nippon Yusen Kabushiki Kaisha (NYK) and Japanese telecom giant MTI have reached an agreement to participate in a long-term demonstration of tidal energy being sponsored by MAKO Energy and Sentosa Development Corporation, which will provide the demonstration site.The demonstration will start next spring in a first-time attempt to commercialize tidal energy in Singapore.MAKO Energy is the Singapore-based subsidiary of Elemental Energy Technologies, a tidal turbine developer that has interest and expertise in the area of renewable energy solutions, particularly tidal power and its applications. Sentosa Development Corporation is a statutory board under the Ministry of Trade and Industry of Singapore…