SembCorp Marine is expanding its global profile, adding the US shipyard to its facilities in Singapore, China and Brazil. Singapore based oil rig manufacturer announced recently that it has completed the purchase of a Texas-based shipyard in a move expected to boost its presence in the oil-producing US Gulf Coast region. SembCorp Marine’s subsidiary PPL Shipyard has acquired a 100 percent stake in Sabine Industries and its subsidiaries Sabine Offshore Services and Sabine Shipyards. It also bought a 25 percent stake in Sabine Vessels.
The company stated that this acquisition is in line with SembCorp Marine's strategy to establish a strategic hub to serve its customers in the Gulf of Mexico region and to grow its offshore business. SembCorp Marine is one of two Singapore oil rig makers experiencing improved business as higher oil prices boost the search for new oil and gas deposits worldwide. The company and their rival Keppel FELS together account for about 80 percent of the world market for oil rigs, according to industry analysts. Both hope to benefit from repair contracts for offshore oil rigs and production platforms damaged by Hurricanes Katrina and Rita in the US Gulf of Mexico region. The two Singapore companies manufacture rigs used by exploration and production firms searching for oil and gas in the Caspian Sea, West Africa, South America, the Gulf of Mexico and Southeast Asia, among others.