Sembcorp Marine Ltd announces, that its wholly owned subsidiary, Sembawang Shipyard Pte Ltd (“SSPL”), has signed a shareholders agreement to establish the following three subsidiaries in Singapore:
Name of company : Semb-Eco Pte. Ltd.
Principal activity : Investment holding company
Name of company : Semb-Eco R&D Pte. Ltd.
Principal activity : Research and development and holding of patents
Name of company : Semb-Eco Technology Pte. Ltd.
Principal activity : Manufacturing and commercialization of patents
SSPL will hold 55% of the equity interest in Semb-Eco Pte. Ltd. which in turn owns 100% of the equity interest in both Semb-Eco R&D Pte. Ltd. and Semb-Eco Technology Pte. Ltd.. The establishment of these three subsidiaries is to continue to co-develop, manufacture and sell green products with its strategic partner, Ecospec Global Technology Pte Ltd, to the marine, offshore and onshore industries. Such green products and systems are necessary for meeting maritime and governmental regulatory requirements. The green products include gas scrubbers for ships trading in the Emission Control Area (ECA) zone and onshore power plants, and the Ballast Water Treatment System (BWTS) which will be required by some 45,000 ships trading world-wide.