Singapore’s engineering group buys rig repair yard in U.S.

Singapore Technologies Engineering (ST Engineering) has acquired selected rig repair assets adjacent to its existing yard, VT Halter Marine in Pascagoula, Mississippi, in the US.

ST Engineering, an integrated defense and engineering group specializing in the aerospace, electronics, land systems and marine sectors, said on Friday that the acquisition was made through its subsidiary, Vision Technologies Marine (VT Marine).

The company paid $25 million for the assets of World Marine of Mississippi (WMM), comprising of a purpose-built facility of 94 acres for heavy marine fabrication, offshore oil and gas rig upgrades, repairs, and conversions.

“Since the downturn of the offshore and marine industry, the group has been looking to acquire assets that represent long-term value and can enhance its capabilities while offering scale advantages in the marine repair segment.

“The acquired assets, which are situated in a prime location in the Gulf of Mexico and with close proximity to VT Halter Marine’s Pascagoula yard enable the group to leverage resources and derive greater synergies in its ship repair business,” said ST Engineering.

The company added that the purchase consideration was funded internally and was satisfied fully in cash at closing. The unaudited net book value of the fixed assets of WMM as of December 31, 2016, was about $14 million.

Share this article

Follow Offshore Energy Today

Events>

<< Mar 2019 >>
MTWTFSS
25 26 27 28 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

16th MOSCOW INTERNATIONAL OIL AND GAS EXHIBITION

The Moscow International Oil & Gas Exhibition display products like oil and gas products, oil and gas services…

read more >

Beijing International Offshore Oil & Gas Exhibition (ciooe) 2019

Beijing International Offshore Oil & Gas Exhibition (ciooe), is a regular gathering in oil & gas industry…

read more >

Lebanon International Oil & Gas Summit 2019

LIOG 2019 will delve further into the opportunities that are present in Lebanon’s energy sector…

read more >

Atyrau Oil & Gas 2019

The event program is dedicated to the most topical issues of search, exploration, development of hydrocarbons…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply