UK: Sembcorp Marine Buys SLP Engineering Limited

Sembcorp Marine through its wholly-owned subsidiary SMOE Pte Ltd (SMOE) has acquired from Smulders Group the entire share capital in its wholly-owned subsidiary of SLP Engineering Limited (SLP).

SLP, based in Lowestoft Suffolk, United Kingdom (UK), will be renamed Sembmarine SLP Limited (Sembmarine SLP) and will be held through newly incorporated company Sembmarine North Sea Limited (Sembmarine North Sea). Sembmarine North Sea will be 70% owned by SMOE and 30% owned by eight members of the SLP Management team led by its Managing Director, Mr Paul Thomson.

The acquisition would be on a willing buyer, willing seller basis and will be funded through SMOE’s internal funds.

SMOE will acquire all the shares in SLP from Zefier, a subsidiary of Smulders Group. Under the Sales & Purchase Agreement signed on 14 September 2012, SMOE will pay about £2.5 million for both shares and settlement of the intercompany loans of SLP. The deal will be completed only upon certain conditions being met. The NTA of SLP is about £0.7 million.

Mr Ho Nee Sin, Managing Director of SMOE said “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.”

Mr Paul Thomson, Managing Director of Sembmarine SLP said “We are delighted to be part of the Sembcorp Marine Group, a leading offshore engineering group with diverse capabilities in rig building, ship construction, ship conversion, ship repair and offshore engineering & construction. With SMOE’s extensive experience in building major offshore structures, it will greatly enhance our objective of becoming the leading UK supplier of EPC services to the offshore energy market.”

The above acquisition is not expected to have material impact on the consolidated net tangible assets and earnings per share of Sembcorp Marine for the financial year ending 31 December 2012.

Press Release, September 17, 2012;  Image: SLP

Share this article

Follow Offshore Energy Today

Events>

<< Jul 2017 >>
MTWTFSS
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

OSV Chartering Contract Management

This year’s event includes key updates and advice on Supplytime 2017…

read more >

03rd OIL & GAS TANZANIA 2017

After a successful Oil & Gas Exhibition in 2016, Expogroup is all set for the 6th OIL & GAS AFRICA 2017…

read more >

Technology Forum (30th Offshore Licensing Round)

The event will bring operators, prospective investors and technology developers together and will cover technology areas that are critical…

read more >

SPE Offshore Europe 2017

Attending SPE Offshore Europe, recognised by offshore E&P professionals as Europe’s leading E&P exhibition and conference, will ensure you…

read more >

Jobs>

QC Coordinator Offshore

Do you attach great importance to quality and do you have an affinity with offshore projects? Then read about what Van Oord can offer you.

apply

Electrician

For one of our clients we are looking for a Ships Electrician. Our client is a company with worldwide activities. You will work in a rotation of 4 till 6 weeks on and off.

apply

Assistant Driller

Maersk Drilling Norge AS was established in 1990 and employs a staff of approximately 1000 people.

apply