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
 -  Zion Granted Approval to Drill Well On... (Dec 2)
 -  Production Drilling Begins at Mariner ... (Dec 2)
 -  Subsea 7 Secures Services Contract wit... (Dec 2)
 -  Eni: Oil Worker Dies Following Congo P... (Dec 2)
 -  FAR Refutes Claims that it cannot Farm... (Dec 1)


Most Popular Articles

From the Career Center
Jobs that may interest you
Commercial Director - Terminals
Expertise: Business Development
Location: South Carolina, 
 
Senior Engineer New Rule Implementation
Expertise: Engineering Manager|Environmental Engineer
Location: Deer Park
 
Senior Legal Counsel - Houston, TX
Expertise: Legal
Location: Houston-EP Center Americas, United States, 
 
search for more jobs

Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours