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June 24, 2002

Sembcorp seeks to privatize Sembcorp Marine
Is this a prelude to further consolidation in the Singapore shipyard sector?

Singapore-Government linked conglomerate Sembcorp Industries Ltd is planning to privatize its 63% owned Sembcorp Marine unit. The move is seen as much like that last August which saw Governemt-linked conglomerate Keppel Corporation take its Keppel FELS Energy and Infrastructure private.

Predicting a merger of Sembawang and Keppel's marine and offshore activities is a favorite pastime among some analysts. But for now Sembcorp is saying that the present privatization is aimed at easing a merger of Sembcorp Marine with its own Sembawang Marine and Offshore Engineering Pte Ltd.

Sembcorp Marine was formerly known as “Jurong Shipyard Limited”, it acquired Sembawang Shipyard, Karimun Shipyard and Bohai Shipyard in 1997 and its name was changed to “SembCorp Marine Ltd” on January 14, 2000 . It has eight shipyards, five in Singapore and one each in Indonesia, China and Brazil:
Jurong Shipyard
Sembawang Shipyard
SML Shipyard
Atlantis Shipyard
PPL Shipyard
Karimun Sembawang Shipyard
Bohai Sembawang Shipyard
Mauà Jurong SA
 
 

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