Sembcorp Marine (SCMN.SI), the world’s No. 2 builder of offshore oil rigs, said today it was looking for acquisitions to grow its offshore marine business.
“Yes, we are looking for opportunity for acquisition,” chief executive Wong Weng Sun said at a media briefing.
Sembcorp Marine reported a better-than-expected 7.6% rise in quarterly profit thanks to higher earnings from rig-building.
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Sembcorp Marine, the world’s second-largest maker of oil rigs, said its unit Jurong Shipyard Pte started legal action against Societe Generale in Singapore to recover $198.9 million related to foreign exchange deals.
Of the claim, $83.5 million was paid to Societe Generale before the “unauthorised” transactions were uncovered in October 2007, Sembcorp said in a statement to the Singapore stock exchange. The remainder of $115.4 million was paid as part of a pre-condition for the closing out of the transactions with Jurong Shipyard in November that same year, it said.
The Sembcorp Changi NEWater Plant (SCNP) has begun its first phase of commercial operations.
This milestone was achieved last Friday, after an uninterrupted seven-day plant-proving process, which saw the SCNP successfully meet the stringent quality criteria set out by the PUB, says Sembcorp Industries.
