JEDDAH, 9 December 2007 -- Singapore shipyard operator and oil rig builder SembCorp Marine Ltd (SCM) and Nasser Mohammed Al-Mukairish and Partners Company (Al-Mukairish) have signed a joint venture agreement to form SembMarine Middle East Pte Ltd. (SMME).
SMME will be a founding shareholder in the Saudi Arabian joint stock company named Floating Dock for Shipbuilding and Ship Repair Company (FDSCO) which will build, own and operate the FDSCO yard during its 30-year term. SCM will invest $6.6 million in cash in SMME through subscription for 60 percent of SMME, corresponding to 6.6 million shares at $1 each.
© Arab News 2007
