Singapore-based rig builder Sembcorp Marine Ltd. said it agreed to buy the 15% of PPL Shipyard Pte Ltd. that it did not already own for about $115 million from PPL Holdings Pte Ltd. and E-Interface Holdings Ltd. PPL Shipyard, which is 85% owned by SembMarine, designs and builds oil rigs and ships.
"This will enable the company to optimally manage the businesses, finance and resources of PPLS, and fully align the latter's corporate strategies to the company to generate sustainable returns," SembMarine said in a statement.
Last week, SembMarine, which has been suffering from a slump in orders due to low oil prices, agreed to buy the Norway-based ship design firm LMG Marin AS for $20 million.
In a separate statement, Yangzijiang Shipbuilding (Holdings) Ltd. said it would receive about $51.8 million from the deal due to its 45% stake in PPL Holdings. It plans to use the net proceeds for working capital.
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