Atlantis yard acquired by Sembcorp MarineYard News // March 28, 2002
SembCorp Marine has acquired the remaining 15 per cent equity stake in Atlantis, comprising 6 million ordinary shares of $1 each from Singapore Technologies Marine Ltd. The total consideration of $3.3 million for the acquisition was calculated based on Atlantis Shipyard's Net Tangible Assets value of $22.0 million as at September 30, 2001. The transaction was entered into on a willing buyer, willing seller basis and paid in cash from internal resources. With the completion of its acquisition, Atlantis Shipyard has become a wholly owned subsidiary of SembCorp Marine.
Atlantis Shipyard's name will be changed to Jurong SML Pte Ltd to reflect the new organisation structure of the merged entity.
Jurong SML Pte Ltd will operate as a mid-sized shipyard specialising in the repair of small and medium-sized vessels, including afloat and anchorage repairs and the construction of mid-sized vessels at its two locations in Singapore.