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    SembCorp ups its stake in PPL shipyard

    Yard News // July 18, 2003
    The Board of Directors of SembCorp Marine Ltd have announced that SembCorp Marine has acquired a 35 per cent equity stake comprising 7.0 million ordinary shares of $1.00 each in PPL Shipyard Pte Ltd (PPLS).

    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.

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