Sembcorp Marine buys UK platform specialist SLP Engineering

Offshore staff

SINGAPORE – Sembcorp Marine subsidiary SMOE has acquired UK platform fabricator SLP Engineering from Smulders Group.

SLP, based in Lowestoft on the English east coast, will be renamed Sembmarine SLP and will be controlled via a newly incorporated company Sembmarine North Sea, owned 70% by SMOE and 30% by eight members of the SLP management team.

The transaction comes to about $4 million for both shares and settlement of SLP’s intercompany loans.

Ho Nee Sin, managing director of SOME, said: “Following the acquisition, Sembcorp Marine will now have a footprint in the UK, providing synergistic support and reaching out to its North Sea clientele. Sembmarine SLP offers the opportunity for future growth in new business areas within the renewable energy sector as well as in the fabrication of minimum facilities platforms (MFP) for marginal oil and gas fields in the North Sea and Asia Pacific waters.”

Paul Thomson, managing director of Sembmarine SLP, said: “We are delighted to be part of the Sembcorp Marine Group, a leading offshore engineering group with diverse capabilities in rig building, ship construction, ship conversion, ship repair and offshore engineering & construction. With SMOE’s extensive experience in building major offshore structures, it will greatly enhance our objective of becoming the leading UK supplier of EPC services to the offshore energy market.”

9/17/2012