PSA Marine Completes $112M Acquisition

PSA Marine completed the acquisition of the marine business of Sembcorp Logistics Ltd. for $112.97 million. "The strategic acquisition complements PSA Marine's core business and extends its geographical reach to key overseas markets in Hong Kong, Southeast Asia, Middle East and Africa," said PSA in a statement. The addition of salvage tugs and semi-submersible barges to its fleet would also widen PSA Marine's range of marine services to include international emergency response and ocean towage, it said. "We will consolidate our core activities and at the same time expand into new growth areas. There is potential in the offshore support business for the oil and gas industry and we are currently focusing on niche business opportunities," said PSA Marine managing director V. Sivarajan. "We also see a potential to grow the emergency response services. The scope of emergency response will be expanded to include seaward chemical spill containment capability," he added. - (Reuters)