PPL Yards Not for Sale: SembMarine
Sembcorp Marine has denied the rumours that it was mulling the sale of all or part of subsidiary PPL Shipyard, according to a report in the Business Times.
"Neither our rig-building subsidiary PPL Shipyard nor any of the yards from which PPL is operating are up for sale," says the company.
SembMarine is understood to have sought valuation for one or more of PPL Shipyard's waterfront assets, sparking market talk over its plans for its rig-building subsidiary.
Asset valuations are typically done when owners are evaluating financial options, including divestment.
A SembMarine spokesman, responding to an enquiry from The Business Times, denied that the yard group is putting up PPL Shipyard or any of the rig-builder's yards for sale.
But IHS Markit's principal researcher Ang Dingli said some rationalisation of SembMarine's waterfront assets needs to take place, given that the group's yard operations will eventually be integrated at the new Tuas Boulevard facility, which is undergoing phased development.