SembCorp Marine subsidiary confirms new supply vessel JV with Pacific Carriers News
// September 29, 2003
SembCorp Marine Ltd has confirmed that its wholly-owned subsidiary Dolphin Shipping Company Pte Limited (Dolphin) has entered into a joint venture with Pacific Carriers Limited (PCL) to operate and service offshore supply vessels including anchor handling tug supply (AHTS) vessels, ocean going tugs, barges and workboats in the South East Asian region.
The joint venture company will be named Pacific Workboats Pte Ltd (PWPL) with Dolphin and PCL each holding 50 per cent of the equity of the company. The initial paid-up capital of the joint venture company is S$500,000 comprising 500,000 ordinary sharesof S$1.00 each. Dolphin's investment will be S$250,000 and is to be internally funded.
The investment does not have a material impact on SembCorp Marine Ltd's earnings per share and net tangible asset per share for the current financial year.
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