Singapore moves ahead with the mega yard merger

The Singapore Shipyard is getting consolidated after the shareholders of Sembcorp Marine (Sembmarine) voted to merge with Keppel Offshore and Marine (Keppel O&M). This project was mooted several times in the last 20 years for cheaper shipyard competition across Asia, but could not get the green signal due to approvals.

This $4.5 bn deal won the approval of 95.28% of shareholders at a virtual extraordinary general meeting and Keppel’s Chris Ong has been appointed as the managing director of the new yard.