Shipyards Hold “Informal” Merger Talks
July 31, 2000
Keppel Hitachi Zosen reportedly had informal merger discussions with rival SembCorp Marine today.
"...we have had informal discussions with SembCorp Marine but we have not come to grips with any hard figures yet," chairman designate of Keppel Hitachi Choo Chiau Beng said following the shipyard's half year results. Singapore is estimated to have an excess shipyard capacity of 20 percent, mostly from the new floating docks commissioned in the last five years. He said Keppel Hitachi might look to sell its excess capacity including its Philippines shipyard, to improve profitability.
As for Keppel's rig building arm Keppel FELS, it is targeting to achieve 12 percent return on equity by 2003.
Related News
Worker Dies in Accident at Peru's Chancay Megaport Project
Houthi Leader Vows to Escalate Attacks on Merchant Shipping
Conflict Heating Up Over Cosco's Megaport in Peru
Bluestone to Supervise Construction of Prysmian's Two New Cable Layers
Authorities Identify Sixth Bridge Collapse Victim