Sembmarine acquires North Sea capability
Sembcorp Marine has acquired a capability in the North Sea market through acquiring a UK-based SLP Engineering Ltd (SLP), Seatrade Asia online reports.
Sembcorp Marine subsidiary SMOE is acquiring all SLP from Smulder Group and it will be renamed Sembmarine SLP Ltd. The company will be held through Sembmarine North Sea Ltd, 70% owned by SMOE and 30% by eight members of the SLP management team.
“Following the acquisition, Sembcorp Marine will now have a footprint in the UK, providing synergistic support and reaching out to its North Sea clientele. Sembmarine SLP offers the opportunity for future growth in new business areas within the renewable energy sector as well as in the fabrication of minimum facilities platforms (MFP) for marginal oil and gas fields in the North Sea and Asia Pacific waters,” said Ho Nee Sin, managing director of SMOE.
SMOE will pay GBP2.5m for shares and settlement of intercompany loans of SLP.