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Sembcorp to develop new yard facility

Singapore: Sembcorp Marine today unveiled plans to develop an integrated new yard facility at Tuas View Extension in the west of Singapore to cater to its marine and offshore businesses. The yard is expected to provide a centralised and integrated "one-stop solutions" hub for ship repair and conversion, shipbuilding, rig building and offshore engineering and construction. It will service a wide range of vessels including VLCCs, new generations of mega containerships, LNG carriers and passenger ships.

Wong Weng Sun, president and ceo of Sembcorp Marine said "We are optimistic about the long-term outlook of the marine and offshore industry. With the New Yard, Sembcorp Marine will be well-poised to respond to the anticipated growth in dock capacity demand and the increase in offshore oil and gas activities, spurred by the projected increase in seaborne and oil trades in Asia. In designing and planning the layout of the New Yard Facility, we have taken into consideration work flow efficiency, resource optimisation, cost-structure, market potential and future competition. The integrated design and optimised capabilities of the New Yard will further enhance our capabilities in the delivery of value-added and cost competitive solutions to better meet the needs of our customers."

The New Yard will boast a centralised layout and will see increased total dock capacity by 62% from 1,897,500 dwt to 3,075,000 dwt with the number of docks remaining at 11 docks. A 30 plus 30 years Lease Agreement for the Phase 1's 73.3 hectares of land has been signed with JTC with site development scheduled to commence in December 2009. The preliminary projection of the development costs of Phase 1 of the New Yard is estimated to be around S$750 million. It will be funded through a combination of debt and internal funds generated from operations of existing shipyards.

The entire site is slated for development over a period of 16 years and in three phases. The construction of Phase 1, which comprises 73.3 hectares of land, will take approximately 4 years commencing December 2009. The remaining 2 phases are expected to be developed over a period of 12 years. Upon achieving commercial operations for Phase 1, Sembcorp Marine's operations in Pulau Samulun will be relocated to the New Yard.  [05/11/09]

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