SembCorp Moves to Build Offshore Business

SembCorp Marine's fully owned subsidiary SOME Pte Ltd has acquired a 35-percent equity stake in Shenzhen Chiwan Offshore Petroleum Equipment Repair & Manufacture Co. Ltd (CPEC) from SembCorp Utilities Pte Ltd, a wholly owned subsidiary of SembCorp Industries Ltd, for a total cash consideration of S$1.3 million to expand and grow its offshore business.

The net consideration is based on the valuation of the net tangible assets of CPEC as at 31 December 2006 and on a willing buyer and willing seller basis. The acquisition will be funded from the Company's own internal resources.

Based in Shekou, Shenzhen, China, CPEC has been in operations since 1992. CPEC's major business activities include hook-up and commissioning of offshore platforms and platform maintenance. It also provides maintenance services for the oil and gas industry in China.

The Nanhai West Oil Corp and Nanhai East Corp, both wholly owned subsidiaries of China National Offshore Oil Corp (CNOOC), own 25% and 20% of CPEC, respectively. Chiwan Petroleum Supply Base owns 20% of the firm.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Director Downhole Tool Engineering
Expertise: Electrical Engineering|Engineering Manager|MWD / LWD
Location: Houston, TX
 
Senior Land Professional Job
Expertise: Landman|Lease Analyst
Location: Oklahoma City, OK
 
Surface Land Professional Job
Expertise: Landman|Lease Analyst
Location: San Antonio, TX
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours