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It also owns a total land area of 90ha, SembMarine said in a statement. The US$4 million price is based on the valuation of the net tangible assets of Sabine Industries and will be funded from SembMarine's internal resources, the group said. Sabine Industries, which PPL Shipyard bought in September 2005, provides consumables and bunkers to fishing and offshore vessels. It also repairs and refurbishes drilling rigs. SembMarine will outfit Sabine Industries as part of its overall strategy to facilitate and serve its US customers in offshore rig repairs, refurbishment and rig building in the Gulf of Mexico region. Separately, SembMarine said its wholly-owned subsidiary, Dolphin Shipping, has entered into a joint venture with Singapore-based marine and offshore contractor Entraco Venture. The $1 million, 50:50 joint venture company will be named Dolphin Workboats. It will own and manage a fleet of vessels, such as tugs and barges, that will provide support services to SembMarine's South-east Asian operations. Yesterday, SembMarine's parent company, SembCorp Industries, said it was restructuring two divisions for better operational efficiency and integration of the SembCorp Group. These two divisions belong to SembCorp Industries' subsidiary, SembCorp Utilities. The two divisions - SUT and the Propylene Purification Unit - will now be held directly by SembCorp Industries instead of via SembCorp Utilities. All the assets and businesses of the two divisions, as well as its current employees, are being transferred to SembCorp Industries. The transfer was effective yesterday. These two divisions supply utilities services, including steam, industrial waste-water treatment and high-grade industrial process water, to chemical and petrochemical companies on Jurong Island.
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