The merger of Singapore’s two main shipyard groups – Keppel Offshore & Marine (Keppel O&M) and Sembcorp Marine – has been completed.

Keppel Corp’s offshore and marine business returned to the black in the first half of the year ahead of a planned merger with Sembcorp Marine (Sembmarine).

Keppel Corp and Sembcorp Marine (Sembmarine) say significant progress has been made in negotiations on the proposed merger of their offshore and marine businesses but more time is needed to complete the deal.

Sembcorp Marine (Sembmarine) expects further delays to five projects currently underway in its yards as it continues to struggle with Covid-19 related restrictions and challenges.

Singapore-listed PACC Offshore Services Holdings (POSH) is buying out the 50% of joint venture Pacific Workboats that it does not own.

Sembcorp Marine (Sembmarine) has reached settlement with Sete Brasil over seven drillship newbuilding contracts worth $5.6bn, following announcement of a similar deal by compatriot Singapore yard group Keppel Offshore & Marine (Keppel O&M).

Singapore’s Sembcorp Marine announced that it has won a raft of new projects valued at SGD400m ($288m) for offshore gas and wind farm developments as well as cruise ship upgrades.