PPL Shipyard Acquires Sabine Shipyard in Texas
PPL Shipyard, a subsidiary of SembCorp Marine is in the process of acquiring the Sabine Shipyard, located in Texas.
Sabine is a 223-acre size shipyard, situated in Sabine Pass, Texas, USA. It is strategically located on the Gulf of Mexico with immediate access to the Texas and Louisiana offshore drilling activities. The Port of Sabine is located approximately one mile from the Gulf of Mexico, on the Texas-Louisiana border and one and a half hours from Houston and minutes from Beaumont, Port Arthur and Orange, Texas.
The intended main activity of the Sabine Shipyard is the building, repair and refurbishment of drilling rigs. The shipyard also provides offshore construction and related fabrication capabilities to drilling contractors located in the Gulf of Mexico region. The shipyard is equipped with full bulkheads, relatively deep water and easy access. With over 2 feet of water front facilities and between 15 to 22 feet of water depth with capability to deepen to 3 feet coupled with equipment including six cranes capable of lifting 165 ton, and a newly refurbished workshop, the shipyard is well-positioned to take on more contracts for the repair and refurbishment of rigs.
The intended acquisition of Sabine Shipyard is in line with SembCorp Marine's strategy to establish a presence in the Gulf of Mexico region and to establish a hub to grow its offshore business.
Mr. Ong Tian Khiam, Managing Director of PPL Shipyard said "With the acquisition of the Sabine Shipyard, we will be better positioned to serve customers in the offshore rig refurbishment and rig building market".
This intended acquisition is not expected to have a material impact on SembCorp
Marine's earnings per share and net tangible asset per share for the current financial year.
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Company: PPL Shipyard more info
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