SembCorp ups its stake in PPL shipyardYard News // July 18, 2003
The total consideration of $14.7 million for the acquisition was calculated based on a 23 per cent premium over PPLS' Net Tangible Assets of $1.71 per share as at June 30, 2003.
Upon the completion of the acquisition, PPL Shipyard becomes an 85 per cent owned subsidiary of SembCorp Marine.
PPLS is a rig-building yard with proven track record in the building and servicing of jack-ups and semi-submersibles. It has recently delivered its first deepwater jack-up drilling rig to Global SantaFe International with the second jack-up drilling rigdue for delivery in the first quarter of 2004.
Currently, SembCorp Marine's subsidiary, Jurong Shipyard Pte Ltd in collaboration with PPL Shipyard is building two units of Friede & Goldman ExD-designed deepwater semi-submersible drilling rigs for Global SantaFe International with the first unit due for delivery in the first quarter of 2004.