ST Engineering acquires repair assets in US for $34 mil

SINGAPORE (Aug 25): ST Engineering announced its subsidiary, Vision Technology Marines, has acquired selected rig repair assets adjacent to its existing yard, VT Halter Marine in Pascagoula, Mississippi.

The assets of World Marine of Mississippi (WMM) were bought for a consideration of US$25 million ($34 million) and comprises a purpose-built facility of 94 acres for heavy marine fabrication as well as offshore oil and gas rig upgrades, repairs and conversions.

Situated in the Gulf of Mexico and close proximity to VT Halter Marine’s Pascagoula yard, the acquired assets will enable the group to leverage resources and derive greater synergies in its ship repair business.

---

Related Stories

• Seatrium reports $264.4 mil loss for first-ever 1HFY2023 results since combination
• UOB Kay Hian keeps ‘overweight’ call on offshore & marine sector, Seatrium and Yangzijiang sector picks
• Crude awakening for O&M players

---