Keppel Corporation Limited (Keppel) and Sembcorp Marine Ltd (Sembcorp Marine) on Tuesday (28 February) said they have concluded the Proposed Combination of Keppel Offshore & Marine Ltd (Keppel O&M) and Sembcorp Marine.
The development, valued at USD 3.34 billion (SGD 4.50 billion), received 95.28% approval from shareholders at a Sembcorp Marine Extraordinary General Meeting held on 16 February.
The combined entity, which is expected to adopt a new name and brand identity, will bring together the world-class engineering capabilities, well-established track records and reputations for quality and reliability of the two companies with complementary competencies and operations, they said.
It will be well-positioned to capture opportunities arising from decarbonisation in the oil and gas sector and from the global energy transition towards renewables, particularly in the areas of offshore wind, and new energy sources such as hydrogen and ammonia.
Discussions of the merger to create a stronger Combined Entity first started in June 2021 due to a sustained reduction in oil exploration and development activities, amongst other factors.
Related: Keppel Corporation and Sembcorp Marine sign agreements for proposed combination
Related: Keppel and Sembcorp Marine discuss potential merger in pivot to renewables sector
Photo credit: Keppel Corporation and Sembcorp Marine
Published: 2 March, 2023
Agreement includes construction of shoreside power plant, use of LNG to operate cruise ships in port, and more.
Prompt supply remains tight in Houston; sluggish demand continues in Los Angeles and Long Beach; VLSFO supply improves in Santos.
‘Upward trend in the number of operational spills during bunkering over the past few years,’ says MPA Chairman.
Immediate commodity price increases and supply challenges caused by Russia’s invasion of Ukraine are likely to be felt throughout 2022, believes Niels Rasmussen.
A total of 7,000 mt of marine fuel oil valued at RM24.5 million was seized from the two vessels detained for the illegal transfer of fuel near Tanjung Sedili Besar.
MOL plans to dispatch an additional team in late August; Nagashiki confirms the Master and Chief Officer of Wakashio have been arrested by local authorities.
Transferred shares of 40 subsidiaries to BVI firm after tribunal awarded claims in favour of Trinity Seatrading; YSPL has also filed a civil complaint against DNV and Liberian ship registry at Nanjing Maritime Court.
ADNOC L&S, Gulf Energy Maritime, Cockett Marine Oil, Mideast/Bahri Ship Management and VPS experts present their views on biofuel bunker hurdles at the VPS Biofuels Seminar in Dubai on 16 March.
‘Bunker barges operate in very local areas so these vessels call at port very often which means it will be a good fit for women with families,’ states Elpi Petraki, President of WISTA International.
“Our Singapore branch is under preparation and is expected to start business at the republic before June 2023,” Managing Director Darcy Wong tells bunkering publication Manifold Times in an interview.
Development to supply B35 biodiesel blend officially takes effect on 1 February; local bunker suppliers will be able to deliver updated spec within March onwards, once current stocks of B30 avails run out.
VPS, Global Centre for Maritime Decarbonisation, Wilhelmsen Ship Management, and INTERTANKO executives offered a multitude of perspectives to 73 attendees during the VPS Biofuels Seminar, reports Manifold Times.
17 Mar 2023
