SembCorp Marine’s Subsidiary, Dolphin Shipping Company In Joint Venture with Pacific Carriers Limited to Operate and Service Offshore Supply Boats
SembCorp Marine Ltd announces that its wholly-owned subsidiary Dolphin Shipping Company Pte Limited (Dolphin) has on August 8, 2003 entered into a joint venture with Pacific Carriers Limited (PCL) to operate and service offshore supply boats that would include anchor handling tug supply (AHTS) vessels, ocean going tugs, barges and workboats in the South East Asian region.
The joint venture company will be named Pacific Workboats Pte Ltd (PWPL) with Dolphin and PCL each holding 50 per cent of the equity of the company. The initial paid-up capital of the joint venture company is S$500,000 comprising 500,000 ordinary shares of S$1.00 each. Dolphin’s investment will be S$250,000 and is to be internally funded.
The investment does not have a material impact on SembCorp Marine Ltd’s earnings per share and net tangible asset per share for the current financial year.
About Dolphin Shipping Company Pte Ltd
Dolphin Shipping Company Pte Ltd is a wholly-owned subsidiary of SembCorp Marine Ltd. Its main activities include ship owning and ship operations.
About Pacific Carriers Limited
Pacific Carriers Limited is a wholly-owned subsidiary of Kuok (Singapore) Ltd. Its main activities include ship owning and operations of ships and vessels as well as ship broking, chartering and management.
By Order of the Board
Lim Seh Li (Ms)
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