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OIL-RIG builder SembCorp Marine (SembMarine) has acquired a Texas-based shipyard from its subsidiary, PPL Shipyard.
SembMarine said on Monday that it has paid US$4 million (S$5.8 million) for Sabine Industries, which will be renamed SembCorp-Sabine Industries.
This comprises Sabine Shipyard - to be renamed SembCorp-Sabine Shipyard - and Sabine Offshore Services. They are located on the Texas-Louisiana border in the United States, one and a half hours from Houston.
Sabine Industries has immediate access to the offshore drilling activities in Texas and Louisiana and owns a total land area of 223 acres, SembMarine said in a statement.
The US$4 million price is based on the valuation of the net tangible assets of Sabine Industries and will be funded from SembMarine's internal resources, the group said.
Sabine Industries, which was bought by PPL Shipyard in Sept 2005, provides consumables and bunkers to fishing and offshore vessels.
It also repairs and refurbishes drilling rigs.
SembMarine will outfit Sabine Industries as part of its overall strategy to facilitate and serve its US customers in offshore rig repairs, refurbishment and rig building in the Gulf of Mexico region.
Separately, SembMarine said its wholly-owned subsidiary, Dolphin Shipping Company, has entered into a joint venture with Singapore-based marine and offshore contractor Entraco Venture Corp.
The $1 million, 50-50 joint venture company will be named Dolphin Workboats.
Read the full report in Wednesday's edition of The Straits Times.
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