The potential merger of Keppel Offshore & Marine (Keppel O&M) and Sembcorp Marine was announced in June last year following a number of difficult years for both businesses.
In a joint statement the two Singapore companies said “significant progress” had been on advancing the combination.
“Both parties are devoting considerable resources to progressing the Proposed Combination. However, more time and deliberation will be required to complete due diligence, reach mutual agreement on the transaction terms and finalise definitive legal documentation,” the statement said.
They said both parties were now working towards a definitive agreement by 30 April this year.
Keppel said it had also made significant progress in the advancing the sale of its legacy rigs to a separate company majority owned by external investors.
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