SembCorp Marine’s subsidiary Jurong Clavon forms an associated company with Cosco Shipyard Group in China
The Board of Directors of SembCorp Marine Ltd ("SembCorp Marine") wishes to announce that its subsidiary, Jurong Clavon Pte Ltd (Jurong Clavon) has formed an associated company with Cosco Shipyard Group Co. Ltd (Cosco Shipyard Group) to provide corrosion control consultancy, staging, copper slag processing and trading, blasting and painting services to shipyards in the People’s Republic of China.
The associated company will be known as Cosco Shipyard Jurong Clavon Co. Ltd ( Cosco-Clavon ) with Jurong Clavon and Cosco Shipyard Group holding 40 per cent and 60 per cent of the equity of Cosco-Clavon respectively. The initial paid-up capital of Cosco-Clavon is US$1.9 million. Jurong Clavon’s investment will be US$760,000 and will be funded internally from its own resources.
The investment is not expected to have a material impact on SembCorp Marine’s earnings per share and net tangible asset per share for the current financial year.
About Jurong Clavon
Jurong Clavon is a 55 per cent owned subsidiary of SembCorp Marine, a leading global marine engineering group comprising of seven strategically located shipyards specialising in ship repair, shipbuilding, ship conversion, rig building and offshore engineering. Jurong Clavon’s principal activities include the provision of a wide range of blasting, painting and corrosion control services to shipyards.
About Cosco Shipyard Group
The Cosco Shipyard Group is a subsidiary of China Ocean Shipping Co (COSCO), the largest shipping company in China. The Cosco Shipyard Group comprises 4 main shipyards – Nantong, Dalian, Guangzhou and Shanghai that are strategically located along China’s coast line. As China’s leading shipyard group, the Cosco Shipyard Group’s principal activities include ship repair and ship conversion.
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