SINGAPORE, Apr. 12 --SembCorp Marine Ltd., Singapore's largest ship repairer, has acquired 50% of PPL Shipyard Pte. Ltd., Singapore, for $16 million (Sing.) ($9 million).
PPL is involved in the oil rig, vessel construction, and steel fabrication businesses. It is building two jack-up drilling rigs worth $125 million each for Santa Fe International Corp. (OGJ Online, Apr. 11, 2001)
Sembcorp Pres. Tan Kwi Kin said PPL is an experienced rig constructor and the acquisition would give SembCorp a foothold in the business.
He said rig building was a strategic fit with SembCorp Marine's businesses of offshore engineering and ship repair, construction, and conversion.
