Sembcorp Marine to demerger from parent Sembcorp Industries

SINGAPORE - Shareholders of Sembcorp Marine and Sembcorp Industries (parent company of Sembcorp Marine) have approved the proposed Sembcorp Marine Renounceable Underwritten S$2.1 billion Rights Issue and Demerger from Sembcorp Industries at the companies’ respective Extraordinary General Meetings on Tuesday.

On the successful outcome of the proposed transaction, Sembcorp Marine President & CEO Mr Wong Weng Sun said: “We are grateful to our shareholders for the support they have shown today. Sembcorp Marine is now able to chart a new way forward that addresses our immediate liquidity needs and puts the company on a stronger footing for the long term. Once successfully concluded, the Rights Issue will help fund our ongoing operations and strengthen our balance sheet, enabling us to ride out the industry downturn, be better positioned to compete for new high-value projects, and ensure our long-term viability.

“Sembcorp Marine is confident that we will continue to have a leading role as a global player in innovative engineering solutions for the Offshore, Marine and Energy industries. We will have an increasing focus on clean energy and green solutions, and we will have Temasek as a direct and significant shareholder to support our future growth.”