Sembmarine to buy Keppel unit for $3.2 billion, scraps merger plan

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(Reuters) -Singapore's Sembcorp Marine (Sembmarine) scrapped a deal to merge with Keppel Corp's offshore and marine unit and form new company, in favour of directly buying the unit for S$4.50 billion ($3.19 billion), the Temasek-backed oil rig builder said on Thursday.The new structure also lowers the value o

-Singapore's Sembcorp Marine scrapped a deal to merge with Keppel Corp's offshore and marine unit and form new company, in favour of directly buying the unit for S$4.50 billion , the Temasek-backed oil rig builder said on Thursday.

This deal gives Sembmarine's shareholders a bigger stake –– of 46 per cent stake, compared with 44 per cent in the previous deal –– in the combined firm and shortens the time required to complete the deal by up to two months, Sembmarine said."Amidst these volatile and uncertain times, the parties believe that it is critical for the proposed combination to be completed as soon as possible so that the benefits of an enlarged entity can be realised sooner," Sembmarine said.

The industry downturn exacerbated by COVID-19 pandemic has showed signs of easing in recent times, with both Sembmarine and Keppel's unit securing fresh contracts on the back of rising oil prices and concerns about energy security amid geopolitical tensions.

 

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