Shareholders of Sembcorp Marine (Sembmarine) voted to merge with Keppel Offshore & Marine (Keppel O&M) today paving the way for the consolidation of the Singapore shipyard scene.
The $4.5bn deal won the approval of 95.28% of voting shareholders at a virtual extraordinary general meeting.
With the merger now green-lighted, Keppel’s Chris Ong will be appointed managing director of the yard giant.
Merging the shipyard units of Keppel and SembCorp has been mooted many times over the past 20 years as Singapore faces up to cheaper shipyard competition across Asia.