Sembawang Diversifies Into Salvage And Towing

The Sembawang Group of Singapore has announced its entry into the international salvage and towing business with the launching of a new subsidiary, Sembawang Salvage Co.

Pte. Ltd. (SEMCO). The initial investment is reported to be S$35 million (about $15.7 million). The new company was formed by acquiring the core salvage fleet and key personnel from Selco, the marine division of Pan-Electric Industries.

In announcing the acquisition, Sembawang Group chief executive C.N. Watson stated: "We have not bought the existing Selco salvage companies. We have acquired the core salvage fleet and the key personnel in order to retain Selco's leading salvage industry position East of Suez." The acquisition includes nine salvage and towing tugs, 13 other support craft, and salvage equipment, as well as 60 staff members and 180 seagoing personnel.

SEMCO is a 50-50 joint venture between Sembawang Towing of the Sembawang Holdings Group and Temasek Holdings Pte. Ltd.

Maritime Reporter Magazine, page 39,  Jul 15, 1986 C.N. Watson

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Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.