Sembcorp Marine Acquires Remaining 15% Stake in PPL Shipyard for $115M

Singapore's Sembcorp Marine Ltd. reported Tuesday that it has signed an agreement to acquire the remaining 15 percent share in PPL Shipyard Pte Ltd. (PPLS) that it does not own from PPL Holdings Pte Ltd. (PPLH) and E-Interface Holdings Limited (EIHL) for $115,058,934 (SGD 155,329,561).

Upon completion, PPLS -- which focuses on design, construction, repair and modification of oil rigs, ships and other ocean-going vessels -- will become a wholly-owned subsidiary of the Sembcorp Marine.

"The Acquisition will result in the Company having full control of PPLS. 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," the firm said in the press release.

Sembcorp Marine made its first investment in PPLS in 2001, when it purchase a 50 percent stake, with its ownership of the latter rising to 85 percent in 2003.

China's Yangzijiang Shipbuilding (Holdings) Ltd. holds a 45 percent interest in PPLH, which holds 100 percent ownership of EIHL.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  ExxonMobil Starts Fuels Production at ... (Sep 21)
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)


Most Popular Articles

From the Career Center
Jobs that may interest you
Division Order Analyst - DJ Land Administration
Expertise: Business Analyst|Commercial Management|Landman
Location: Denver, CO
 
Automation Engineering Manager
Expertise: Electrical Engineering|Engineering Manager
Location: Houston, TX
 
Staff Land Analyst Job
Expertise: Lease Analyst
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours