Sembcorp Marine eyes UK market, buys remaining stake in North Sea firm
Sembcorp Marine’s subsidiary, Sembcorp Marine Offshore Platforms, has entered into a sale and purchase agreement with its existing minority shareholders to acquire the remaining 30% equity stake in Sembmarine North Sea Limited (SNS).
Singapore’s Sembcorp Marine said on Friday that the consideration of GBP 137,500 ($167,500) will be fully paid for in cash by internal funds.
Following the acquisition, SNS becomes an indirect wholly-owned subsidiary of the company. SNS is in the business of investment holding. The acquisition will give the company full control of SNS and its wholly-owned subsidiary, Sembmarine SLP Limited (SLP).
Back in 2012, Sembcorp Marine acquired from Smulders Group 70% of SLP Engineering and renamed it Sembmarine SLP. SLP was held by Sembcorp’s then newly incorporated company, Sembmarine North Sea.
Sembcorp Marine explained that the acquisition will enable SLP to expand its footprint in the United Kingdom 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 sectors.