Shareholders of Singapore's Sembcorp Marine Approve Mega Merger with Keppel, Valued at $3.4 Billion, to Focus on Global Offshore Energy Expansion Projects

Shareholders of Singapore’s Sembcorp Marine Approve Mega Merger with Keppel, Valued at $3.4 Billion, to Focus on Global Offshore Energy Expansion Projects

Written by Ruth Rodrigues

Published on 28/02/2023 at 23:36

Foto: upstream

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Valued at US$ 3.4 billion, the megamerger between the companies was launched in 2021, aiming to expand operations in the offshore energy market. Sembcorp Marine and Keppel now join forces in an even larger company in the global segment.

The megamerger project between the fuel giants Keppel Offshore and Sembcorp Marine is progressing. Shareholders of the Singapore company approved the merger with the oil company. Proposed in 2021 by the companies, the union of both is now closer to being realized, positioning the new organization high in the global offshore energy market.

Targeting the Global Offshore Energy Market, Sembcorp Marine Shareholders Approve Union of Operations with Keppel Offshore

Moving towards finalizing the transaction, Singapore shareholders of Sembcorp Marine gave the final approval for the merger process with Keppel Offshore & Marine.

The combination of operations of both companies will give rise to one of the largest companies operating in the global offshore energy market.

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Keppel Offshore Will Hold 56% Stake in the New Combined Company, While Sembcorp Marine Will Hold 46% Stake

Moderately going against the original terms, Sembcorp Marine shareholders will hold a slightly larger 46% stake in the combined company, up from 44% in the original terms.

Meanwhile, Keppel will hold the remaining 56% stake in the new offshore energy company.

However, it agreed to reduce its retained stake to 5% from the previous 10%, with the remaining 49% distributed to its shareholders.

According to the companies’ forecasts for the future market, the expectation is that the new combined company will have an order book valued at nearly US$ 15 million.

While Keppel will become a true subsidiary of the company, Sembcorp Marine informed shareholders that the new board would consider whether a new corporate identity was appropriate as part of a strategic business.

Thus, it remains unclear what direction the megamerger between the offshore energy market companies will take.

Shareholders of Singapore’s Sembcorp Marine Approve Mega Merger with Keppel, Valued at $3.4 Billion, to Focus on Global Offshore Energy Expansion Projects

Valued at US$ 3.4 billion, the megamerger between the companies was launched in 2021, aiming to expand operations in the offshore energy market. Sembcorp Marine and Keppel now join forces in an even larger company in the global segment.

Targeting the Global Offshore Energy Market, Sembcorp Marine Shareholders Approve Union of Operations with Keppel Offshore

Keppel Offshore Will Hold 56% Stake in the New Combined Company, While Sembcorp Marine Will Hold 46% Stake

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Shareholders of Singapore’s Sembcorp Marine Approve Mega Merger with Keppel, Valued at $3.4 Billion, to Focus on Global Offshore Energy Expansion Projects

Valued at US$ 3.4 billion, the megamerger between the companies was launched in 2021, aiming to expand operations in the offshore energy market. Sembcorp Marine and Keppel now join forces in an even larger company in the global segment.

Targeting the Global Offshore Energy Market, Sembcorp Marine Shareholders Approve Union of Operations with Keppel Offshore

Keppel Offshore Will Hold 56% Stake in the New Combined Company, While Sembcorp Marine Will Hold 46% Stake

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After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

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