Rig repair, fabrication and services company World Marine of Mississippi (WMM) has sold a number of its assets to Singapore Technologies Engineering for $25m.
The assets include WMM’s purpose-built Pascagoula facility covering 94 acres and dedicated to heavy marine fabrication, offshore oil and gas rig upgrades, repairs and conversion work.
ST Engineering, which provides services in the aerospace, electronics, land and marine sectors, made the transaction through its subsidiary Vision Technology Systems. A subsidiary of that company, VT Halter Marine, is a shipbuilder that has a yard adjacent to the WMM facility.
In a statement ST Engineering said it had been seeking assets “that represent long-term value” and can offer “scale advantages in the marine repair segment”.