JMS is a 50-50 joint venture company between SembLog and the Company. JMS provides harbor tug services to port users and shipyards, including tug services to the SembCorp Marine Group of shipyards. The acquisition will enable the Company to take full control of JMS to better service the SembCorp Marine Group of shipyards as well as expanding its towage services to the local and international market.
With the completion of the acquisition, JMS becomes a wholly owned subsidiary of SembCorp Marine. The acquisition has no material impact on the earnings and Net Tangible Assets per share of SembCorp Marine for the financial year ending December 31, 2006. None of the Directors has any interest, direct or indirect, in this transaction.
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