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September 11, 2014

Jurong Shipyard to acquire SSP Offshore for $21m

Sembcorp Marine's subsidiary Jurong Shipyard has acquired the assets of Houston-based SSP Offshore for $21m.

By Samseer M

Sembcorp Marine’s subsidiary Jurong Shipyard has acquired the assets of Houston-based SSP Offshore for $21m.

Jurong expects the acquisition to help the company diversify its product offerings and expand into new market segments.

SSP Offshore specialises in design, engineering and delivery of floating production and drilling systems.

The company’s assets include flagship Floater technology and satellite services platform (SSP), including the SSP Driller for deepwater drilling, SSP Plus FPSO for production and storage and SSP Hub for logistic hub applications.

"We are well-positioned to tap on new opportunities and expand our market share in the exploration and production, accommodation and logistics support segments."

Sembcorp Marine president and CEO Wong Weng Sun said: "With this acquisition, Sembcorp Marine now owns the full range of SSP intellectual property and proprietary products of next-generation SSP floaters.

"With our strategic expansion into circular-based floaters, we are well-positioned to tap on new opportunities and expand our market share in the exploration and production, accommodation and logistics support segments within the offshore industry."

SSP floaters are developed for tough operations and can be permanently anchored on location during adverse sea conditions.

The circular hull design of SSP affords greater fabrication flexibility, according to Jurong.

The floaters save customers money as they eliminate the need of turret, swivel or CALM buoy facilities for production and storage operations or offloading.

Sembcorp Marine is involved in the construction of high-specification jack up rigs, ultra-deepwater semi-submersible rigs, conversion of floating production and storage facilities and engineering and construction of offshore platforms.

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