Sembcorp Marine, the world’s second-largest oil-rig builder, agreed to set up a venture with Kakinada Seaports to tap into growing demand for oil exploration in India.
Singapore-based Sembcorp Marine will, through its Sembawang Shipyard unit, own 19.9% of the venture and has an option to increase its stake to 40%, the company said today in an e-mailed statement.
