World Marine sells chunk of assets to ST Engineering for $25m

World Marine sells chunk of assets to ST Engineering for $25m

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”.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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