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Singapore’s Keppel, SembCorp Marine Merging To Create World’s Biggest Oil-Rig Builder (Forbes)
A unit of conglomerate Keppel Corp. and Sembcorp Marine—both controlled by Singapore state-linked investment firm Temasek—have agreed to merge to create the world’s largest builder of oil rigs.
Upon completion of the transaction, which is subject to approval by shareholders and regulators, Temasek will own 33.5% of the combined entity. Temasek will abstain from voting on the deal. As part of the agreement, Keppel O&M will divest its legacy oil rigs business and associated receivables into a separate entity that will be owned by investors including Keppel Corp and a unit of Temasek.
Keppel and Sembcorp Marine’s O&M businesses have been hard hit by the drastic reduction in oil and gas exploration activities in recent years as energy...