Jurong Shipyard acquires SSP assets

SEMBCORP Marine's (Sembmarine) wholly owned subsidiary Jurong Shipyard has agreed to purchase the business assets of Houston-based SSP Offshore (SSP) for US$21 million, the group announced on Wednesday.

The acquisition of the assets of SSP, a company that specialises in the design, engineering and delivery of innovative floating production and drilling solutions for the oil and gas industry, is in line with the group's strategy of diversifying its product offerings and expanding into new market segments to further grow its offshore and marine business.

Sembmarine SSP Inc, a newly incorporated wholly-owned subsidiary of Sembmarine, will continue with the group's new concept design and business development of its proprietary products.