Sembawang Shipyard Acquires Membership Interests in EO Entities

Sembcorp Marine today announced that its subsidiary Sembawang Shipyard Pte Ltd (Sembawang Shipyard) has exercised its voting rights to acquire all the membership interests in Equinox Offshore Brazil Cooperative U.A (EOBC) and shares in Equinox Offshore ARV3 BV (EO ARV3) (collectively EO Entities) as EO ARV3 remained in default of its payment obligations for the conversion of the accommodation and repair vessel ARV3 by Sembawang Shipyard.

The ARV3 is a diesel electric DP2 high-specification vessel that is designed and equipped to provide extensive accommodation and workshop facilities to support and service offshore facilities and projects in deep water areas. The vessel has accommodation and workshop facilities to comfortably house a complement of 450 persons. EO ARV3, which owns ARV3, has a five-year charter contract with Petrobras to lease and operate the vessel in Brazil.

The net tangible asset of the EO Entities is S$1. No payment was required from Sembawang Shipyard for the same.

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Press Release, May 21, 2013