Keppel O&M chief Chris Ong appointed CEO of combined O&M entity

CHRIS Ong, the chief executive of Keppel Offshore & Marine (Keppel O&M), will assume the role as the chief executive of the combined behemoth offshore and marine entity, Sembcorp Marine : S51 0% (Sembmarine) said in a filing to the Singapore Exchange on Tuesday (Feb 28). 

Mark Gainsborough will be the chairman of the board and an independent director, while Yap Chee Keong will assume the role of deputy chairman and an independent director. 

Other members of the board of the new entity include non-executive and non-independent director Nagi Hamiyeh, as well as other independent directors Jan Holm and Lai Chung Han. 

Sembmarine announced that the combination closed on Tuesday. With this, Keppel O&M is a wholly-owned subsidiary of Sembmarine. 

Pursuant to the closing of the combination, Sembmarine on Tuesday also allotted and issued roughly 36.8 billion Keppel O&M consideration shares at an issue price of S$0.122 per share to Keppel Corp and its shareholders directly. 

With this, the total issued share capital of the company now stands at 68.2 billion shares – excluding treasury shares – versus 31.4 billion shares previously. 

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The Keppel O&M consideration shares represent 54 per cent of the total issued share capital of the company, said Sembmarine. 

These consideration shares are expected to be listed and quoted on the mainboard of the Singapore Exchange at market open on Mar 1.