Sembcorp Marine Ltd. has disposed of its 70% equity interest in Shanghai Guofeng Marine Engineering and Technology Co. Ltd. (SGMET) to the other existing shareholder for RMB 5.8 million (US$1.3 million), according to an April 7 stock exchange announcement.
Following completion of the disposal, Sembcorp will no longer have any interest in SGMET, which will cease being a subsidiary of Sembcorp.
SGMET’s principal activity is in R&D of technologies for civil ships and equipment for oceanics industries and the provision of related technical consultation services. Sembcorp said the sale is in line with its strategy to realize investment in non-core business and its commitment to optimize profitability and operations.
Sembcorp said it intends to apply the net proceeds toward its working capital.
Recommended Reading
Aethon Cuts Rigs but Wants More Western Haynesville Acreage
2024-03-28 - Private gas E&P Aethon Energy has drilled some screamers in its far western Haynesville Shale play—and the company wants to do more in the area.
Energy Transition in Motion (Week of March 28, 2024)
2024-03-28 - Here is a look at some of this week’s renewable energy news, including proposals submitted to develop about 6.8 gigawatts of wind projects offshore Connecticut, Massachusetts and Rhode Island.
SLB to Acquire Majority Stake in Aker Carbon Capture
2024-03-28 - SLB and Aker Carbon Capture plan to combine their technology portfolios, expertise and operations platforms to bring carbon capture technologies to market faster and more economically, SLB said in a news release.
CERAWeek: Tecpetrol CEO Touts Argentina Conventional, Unconventional Potential
2024-03-28 - Tecpetrol CEO Ricardo Markous touted Argentina’s conventional and unconventional potential saying the country’s oil production would nearly double by 2030 while LNG exports would likely evolve over three phases.
DUG GAS+: Chesapeake in Drill-but-don’t-turn-on Mode
2024-03-28 - COO Josh Viets said Chesapeake is cutting costs and ready to take advantage once gas prices rebound.