SembCorp Marine Ltd in Singapore has signed two conditional sale and purchase agreements comprising the acquisitions of SemBeth and SMOE for S$183.73 million to expand and grow its rig building and offshore engineering business.
The acquisition of SemBeth, whose assets include the 86 hectares of 22-year leasehold land, workshops, quays and docks located along Admiralty Road East and Admiralty Road West is based on independent valuation by CB Richard Ellis (Pte) Ltd as at 30 April 2006. The second sale and purchase agreement (the "SMOE Acquisition") involves the signing of an agreement between the Company and SembCorp Utilities Pte Ltd
("SCU") to acquire SCU?s entire equity interest in SMOE Pte Ltd ("SMOE") for S$55 million.
