Posted on April 3, 2023
Singaporeโs Sembcorp Marine is proposing to change its name to Seatrium after completing the S$4.5 billion (US$3.34 billion) acquisition of compatriot Keppel Offshore & Marine in late February and intends to adopt a new branding for the enlarged entity.
Sembmarine on Monday confirmed the proposed change of name is subject to shareholdersโ approval and will not affect the identity of the company or any of its rights and obligations, nor will it affect any of the rights of shareholders or the groupโs daily business operations and financial standing.
Seatrium is a combination of two words โ sea and atrium โ which the contractor said is a reflection of the business and โits aspiration to be a premier global player providing innovative engineering solutions for the offshore, marine and energy industriesโ.
Perhaps unintentionally, sea also stands for Southeast Asia where many of the companyโs facilities and its flagship yard are located.
To develop the proposed new name, more than 1000 names were generated and a rigorous process of legal and linguistic screening was carried out to ensure that the chosen name would be viable, added Sembmarine.
The companyโs stated promise is: โWe unite world-class talent and engineering capabilities to create transformative and sustainable offshore and energy solutions. We exist to ensure customers can thrive today while creating a greener and brighter tomorrow.โ
Sembmarineโs businesses are supported by four commercial units: Rigs & Floaters; Repairs & Upgrades; Offshore Platforms and Specialised Shipbuilding. The contractor currently operates yards and other facilities in Singapore, Brazil, China, Indonesia, Japan, Philippines, Norway, the UK and the US.
There was a โcompelling, clear, commercialโ logic behind the 28 February acquisition of Keppel O&M, Sembmarineโs chairman of the board, Mark Gainsborough, earlier said.
The self-styled combined entity has a current net order book worth S$18 billion of around 40 ongoing projects including oil, gas, LNG, renewables and low-carbon energy projects.
