SembMarine buys out PPL subsidiary

SembMarine has agreed to pay PPL Holdings and E-Interface Holdings an aggregate of about US$115 million in cash.

PPLS designs, constructs, repairs and improves oil rigs, ships and other ocean-going vessels.

Following the acquisition, it will become a wholly-owned subsidiary of SembMarine, the company said in a securities filing.

"This will enable the company to optimally manage the businesses, finance and resources of PPLS, and fully align the latter's corporate strategies to the company to generate sustainable returns," SembMarine said.

SembMarine