Singapore offshore entities agree on merger

Singapore

SINGAPORE, April 27, 2022 – Sembcorp Marine has signed a definitive agreement with Keppel Corporation to merge with Keppel Offshore & Marine, the companies announced in a joint statement on Wednesday.

Keppel O&M is to pay USD 363 million to Keppel Corporation for 56% of shares in the created entity, with Sembcorp Marine holding the remaining stake.

The combination framework agreement is meant to solidify Singapore as a maritime and offshore hub in the development of renewables and the energy transition.

The merger is expected to be completed by the end of 2022 and is subject to regulatory approvals.

The deal was previously delayed at the beginning of April 2022.

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