Sembcorp to take outright ownership of rig specialist
Sembcorp Marine has entered into an agreement that would give it full control of PPL Shipyard.
This involves acquiring the remaining 15% in the yard owned by PPL Holdings and E-Interface Holdings for a cash consideration of more than $115 million.
PPLS designs, constructs, repairs and renovates drilling rigs and other ocean-going vessels. Following the acquisition, it becomes a wholly-owned subsidiary of the company.
Over the years, Sembcorp says its investment in PPLS has helped the company become a global player in the design and construction ofjackup and semisubmersible rigs. Between 2001 and 2015, PPLS’ cumulative profits totalled more than S$1.6 billion ($1.2 billion).
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