The Birketts team who acted on this deal was led by the head of the energy team Andrew Wood and included partner Adrian Possener and senior associate Nathan Muskett.
Sembcorp Marine is a leading global marine and offshore engineering group, specialising in a full spectrum of integrated solutions in ship repair, shipbuilding, ship conversion, rig building and offshore engineering & construction.
SLP, based in Lowestoft Suffolk, United Kingdom (UK), is now known as Sembmarine SLP Ltd (Sembmarine SLP) and held through newly incorporated company Sembmarine North Sea Limited (Sembmarine North Sea). Sembmarine North Sea is 70% owned by SMOE and 30% owned by eight members of the SLP Management team led by its Managing Director, Mr Paul Thomson.
The acquisition was on a willing buyer, willing seller basis and funded through SMOE’s internal funds.
SMOE acquired all the shares in SLP from Zefier, a subsidiary of Smulders Group. SMOE paid about £2.5 million for both shares and settlement of the intercompany loans of SLP.
Mr Paul Thomson, Managing Director of Sembmarine SLP said “We are delighted to be part of the Sembcorp Marine Group, a leading offshore engineering group with diverse capabilities in rig building, ship construction, ship conversion, ship repair and offshore engineering & construction. With SMOE’s extensive experience in building major offshore structures, it will greatly enhance our objective of becoming the leading UK supplier of EPC services to the offshore energy market.”
Andrew Wood who acted on the deal for Birketts added "We were delighted to get the opportunity to advise the Management team and SLP Engineering Limited on this transaction. Our experience in the offshore fabrication sector and Dutch market combined with our corporate teams' knowhow was a winning combination on this transaction. This was a multi-jurisdictional deal involving teams of international lawyers from several countries and the result is a new era for SLP as part of a rapidly expanding marine engineering group."
Birketts’ advise SLP in Sembmarine deal
9 October 2012
Leading East of England law firm Birketts has advised the management teams and SLP Engineering Limited on the acquisition of SLP Engineering by Sembcorp Marine and the Management Team.