Sembcorp Marine has signaled a deal to acquire a Houston-based designer of floating production systems.
Sembmarine, through its subsidiary Jurong Shipyard, has agreed to a sale and purchase deal to acquire substantially all of the assets of SSP Offshore for $21 million. The deal includes SSP’s portfolio of designs including SSP Driller and SSP Plus FPSO designs. The designs are based on the company’s proprietary Satellite Services Platform concept which can be used for drilling, FPSO, floating LNG, well test and early production applications. Sembmarine says the acquisition is part of its strategy to diversify its market offerings and to expand into new segments to grow its offshore and marine businesses.
Accion Group, the independent administrator of the procurement, issued a report saying customers will see savings of around $375 million over the 20-year contract period versus the company’s avoided cost.
The career oil and gas man has put his money on U.S. natural gas via Comstock Resources Inc. and the Haynesville Shale.
The acquisition from LLOG Exploration and its affiliates is expected to strengthen Murphy’s GoM portfolio at a “very attractive price,” Murphy Oil CEO Roger W. Jenkins says.