The touted merger of Singapore’s offshore fabrication leviathans Keppel Offshore & Marine and Sembcorp Marine is moving toward the position where definitive agreements can be signed before the end of March.

“I am pleased to share that discussions on the proposed combination are progressing steadily. Both sides are undertaking detailed diligence, and rightly so, as it is a highly complex transaction,” Keppel Corporation chief executive Loh Chin Hua said on Thursday.

“We believe that we can arrive at a mutually beneficial proposition, and we are working towards signing definitive agreements by the end of 1Q 2022.”