What you must know about Sembcorp Marine's latest acquisition move

It's acquiring membership interests in Equinox.

According to DBS Vickers, Sembcorp Marine (SMM) announced that its subsidiary Sembawang Shipyard Pte Ltd has exercised its voting rights to acquire all the membership interests in Equinox Offshore Brazil Cooperative U.A (EOB) and shares in Equinox Offshore ARV3 BV (EO ARV3) as EO ARV3 remained in default of its payment obligations for the conversion of the accommodation and repair vessel ARV3 due to financing difficulties.

DBS Vickers said that cost is fully recognized in FY12. The conversion contract of a cargo/passenger vessel (ropax vessel) into a DP2 accommodation and repair vessel valued at US$140m was awarded to SMM in Dec 11 and due for delivery in 4Q12.

"We understand that SMM has prudently booked in the full conversion cost with zero profit recognised for this particular vessel in FY12," DBS Vickers said.

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