SEPTEMBER 17, 2012 — Singapore's Sembcorp Marine is acquiring the entire share capital of Mulder Group's Lowestoft, U.K. based SLP Engineering, which will be renamed Sembmarine SLP.
The £2.5 million acquisition is through Sembcorp Marine's wholly-owned subsidiary SMOE Pte. Ltd., whose MD, Mr. Mr Ho Nee Sin, says the deal gives Sembcorp Marine "a footprint in the U.K. 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."
Sembmarine SLP will be held through newly incorporated company Sembmarine North Sea Limited, which will be 70 percent owned by SMOE and 30 percent owned by eight members of the SLP Management team, led by its MD, Mr. Paul Thomson, who says the acquisition will greatly enhance SLP's objective of becoming the leading U.K. supplier of EPC services to the offshore energy market.