Singapore: Sembcorp Marine (SembMarine) has wholly acquired Sabine Industries, which includes Sabine Shipyard and Sabine Offshore Services, from PPL Shipyard for a total US$4 million.
Located in Texas, Sabine Industries, renamed SembCorp-Sabine Industries, and Sabine Shipyard, renamed SembCorp-Sabine Shipyard, have direct access to the Texas and Louisiana offshore drilling activities and own 223 acres of land, SembMarine said.
The acquisition will be funded from SembMarine's internal resources.
'Sabine Industries, acquired by PPL Shipyard in September 2005, will be planned and outfitted as part of SembCorp Marine's overall strategy to facilitate and serve its US customers in offshore rig repairs, refurbishment and rig building in the Gulf of Mexico region,' SembMarine said.
Separately, wholly-owned SembMarine subsidiary Dolphin Shipping Company has entered into a joint venture with Entraco Venture Corporation to own and operate support vessels.
The JV company, to be named Dolphin Workboats, will own and manage vessels including tugs and barges to support the group's South-east Asian operations.
The issued share capital of Dolphin Workboats is S$1 million, comprising one million ordinary shares of $1 each, to be funded internally by Dolphin Shipping Company and Entraco Venture Corporation under a 50:50 JV structure. [01/01/08]
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