Sembcorp Marine\'s subsidiary unit Sembawang Shipyard has signed a contract to invest $10 million in Ecospec Global Technology Pte Ltd.
This gives the shipyard 20 per cent equity interest in Ecospec.
The rationale of the investment stems from the need to jointly develop products and systems which are in demand due to environment-related requirements of maritime regulatory organisations.
The partnership brings both companies closer in their aim to co-develop green products and services to meet maritime and governmental regulatory requirements of the marine, offshore and onshore industries.
The investment is not expected to have any material impact on Sembcorp Marine\'s net tangible assets and earnings per share for the year ending December 31, 2012.
This gives the shipyard 20 per cent equity interest in Ecospec.
The rationale of the investment stems from the need to jointly develop products and systems which are in demand due to environment-related requirements of maritime regulatory organisations.
The partnership brings both companies closer in their aim to co-develop green products and services to meet maritime and governmental regulatory requirements of the marine, offshore and onshore industries.
The investment is not expected to have any material impact on Sembcorp Marine\'s net tangible assets and earnings per share for the year ending December 31, 2012.