News

Shipping & Marine

Staff Reporter

, Singapore

Published:

9 years ago

SembMarine snaps up remaining shares in PPL Shipyard for $155.6m

PPL boosts SembMarine’s rig capabilities, the release said.

The marine arm of Sembcorp has fully acquired rig-specialist PPL Shipyard as its wholly-owned subsidiary as it acquired the remaining 15% stake in the company for US$115m.

According to a press release by Sembcorp Marine, PPL Shipyard is in the business of designing, constructing, repairing and improving of oil rigs, ships and other ocean-going vessels.

Additionally, the press release said the acquisition will allow SembMarine to optimally manage the businesses, finance and resources of PPLS, and fully align the latter’s corporate strategies to the Company to generate sustainable returns.

“Over the years, the investment in PPLS has helped propel the Company to be a global player in the design and construction of jackup and semi-submersible rigs. Since 2001 until 2015, PPLS has made cumulative profits of over S$1.6 billion,” the press release added.

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