June 24, 2002Sembcorp seeks to privatize Sembcorp MarineIs this a prelude to further consolidation in the Singapore shipyard sector?Singapore-Government linked conglomerate Sembcorp Industries Ltd is planning to privatize its 63% owned Sembcorp Marine unit. The move is seen as much like that last August which saw Governemt-linked conglomerate Keppel Corporation take its Keppel FELS Energy and Infrastructure private.Predicting a merger of Sembawang and Keppel's marine and offshore activities is a favorite pastime among some analysts. But for now Sembcorp is saying that the present privatization is aimed at easing a merger of Sembcorp Marine with its own Sembawang Marine and Offshore Engineering Pte Ltd.Sembcorp Marine was formerly known as “Jurong Shipyard Limited”, it acquired Sembawang Shipyard, Karimun Shipyard and Bohai Shipyard in 1997 and its name was changed to “SembCorp Marine Ltd” on January 14, 2000 . It has eight shipyards, five in Singapore and one each in Indonesia, China and Brazil:Jurong ShipyardSembawang ShipyardSML ShipyardAtlantis ShipyardPPL ShipyardKarimun Sembawang Shipyard Bohai Sembawang Shipyard Maua Jurong SA
THE MARINE LOG FEATURES CALENDAR FOR 2003
Keppel Shipyard has achieved Accident Frequency Rate of 0.96 and 0.88 accidents per million man-hours of working for FPSO Falcon and FPSO Brasil compaerd with a general marine industry FR of 3.2 for year 2002. Overall, Keppel Shipyard achieved an FR of 1.72 for year 2002, which is 46.25% lower than the Marine Industry's average.
"Fast track projects require engineering, fabrication and assembly works to be carried out in parallel and little room for errors is allowed," noted SBM COO Dick van der Zee. "Expertise and flexibility on the part of the shipyard is absolutely necessary. Keppel Shipyard has demonstrated time and again what it takes to perform such demanding work."
The 270,000 dwt FPSO Marlim Sul is scheduled to arrive in Keppel Shipyard in March/April 2003. The work is expected to be completed in 11 months, after which the unit will be leased for nearly eight years to Petrobras to be deployed in the Marlim Sul field off Brazil.
The upgrade on the trailing suction hopper dredge for Jan de Nul involves modification of the ship structure for a deep dredging system that is able to dredge up to 135 m deep, installation of suction pipe inlet (130 tons new steel), installation of trunnion gantry/service frame, pump cradle/winch/gantry, 135m/80m suction pipe assembly and inboard dredging pipe/jet pipe and electrical and hydraulic system.
When completed Vasco da Gama will become the world's largest dredge of its class.
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