Sembcorp to take outright ownership of rig specialist

Sembcorp Marine has entered into an agreement that would give it full control of PPL Shipyard.

Offshore staff

SINGAPORESembcorp Marine has entered into an agreement that would give it full control of PPL Shipyard (PPLS).

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).

08/24/2016

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