SINGAPORE – Sembcorp Marine Ltd. subsidiary Sembcorp Marine Offshore Platforms Pte. Ltd. has entered into a sale and purchase agreement with its existing minority shareholders to acquire the remaining 30% equity stake in Sembmarine North Sea Ltd. (SNS) for £137,500 ($167,851).
Following the acquisition, SNS becomes an indirect wholly-owned subsidiary of the Sembcorp Marine Ltd. SNS is in the business of investment holding. The acquisition will give the Sembcorp Marine Ltd. full control of SNS and its wholly-owned subsidiary, Sembmarine SLP Ltd. (SLP).
This will enable SLP to expand its footprint in the UK and provide synergistic support to the Sembcorp Marine Group as well as its North Sea customers. The principal activities of SLP are in the design, engineering, procurement, fabrication and construction of offshore platforms, modules and structures for the oil, gas and renewable energy industries.