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Pacific Carriers bags Semco in offshore expansion drive

Pacific Carriers bags Semco in offshore expansion drive

Singapore: Pacific Carriers has bought Singapore-based Semco from PSA Marine. PCL, predominantly a bulk owning subsidiary of the Kuok Group, has acquired offshore and salvage service provider Semco from terminal operator PSA, though the latter will retain its harbour towage services and pilotage services. Semco's 18 ship fleet will significantly boost PCL's offshore presence. PCL is reported to have paid $500m for the fleet, which allows PSA to focus on its core terminal operations and moves rapidly evolving PCL into a new arena.

A banker close to the sector said several transactions were being considered in south-east Asia's oilfield services and drilling industries. "The market has got to the stage where sellers can get full value," he said.

The increase in dealmaking in the sector is not confined to Asia, as demonstrated by the $18 billion takeover of GlobalSantaFe by Transocean, agreed in July and combining two of the world's largest offshore oil and gas drilling companies, while in 2006, SvitzerWijsmuller, part of Denmark's AP Moller-Maersk, bought Australia's Adsteam for $700 million to create the world's largest towage company.