Keppel O&M, Sembcorp Marine mull definitive agreement by April 30

The companies said they have made “significant progress” in their negotiations.

Keppel O&M and Sembcorp Marine Ltd are mulling a definitive agreement on their proposed merger by 30 April.

In a joint press release, Keppel Corporation Limited, owner of Keppel O&M, and Sembcorp Marine have made “significant progress” on the proposed combination from 24 June 2021 when their exclusive negotiations commenced.

However, the companies said they will need “more time and deliberation” to complete due diligence, reach a mutual agreement on the transaction terms and finalise definitive legal documentation.

The merger of the Keppel unit and Sembcorp Marine was proposed in response to the dramatic changes in the global offshore and marine engineering and energy sectors in recent years.

Meanwhile, Keppel said they have also made significant progress on the sale of O&M’s legacy rigs and associated receivables to Asset Co.

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