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Keppel Corporation Limited (Keppel) and Sembcorp Marine have entered into a non-binding memorandum of understanding (MOU) to enter into exclusive negotiations with a view to combining Keppel O&M and Sembcorp Marine (Combined Entity).
In recent years, there has been a sustained reduction in oil exploration and development activities, which caused a significant reduction in business for the O&M sector. While the outlook for oil exploration and related activities remains uncertain, the outlook for energy transition is robust, including areas such as offshore wind and hydrogen. If completed, the potential combination would create a stronger player to capitalise on growing opportunities in the O&M, renewable and clean energy sectors. Keppel and Sembcorp Marine will undertake mutual due diligence and discuss the terms of the potential combination, which is expected to take several months.
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