Singapore's Sembcorp Marine has agreed to buy the remaining 30% stake in Sembmarine North Sea that it doesn't already own.
The firm owns UK fabrication yard Sembmarine SLP, once SLP Engineering, and will allow the yard to expand its footprint in the UK, says Sembcorp.
The Sembmarine SLP yard in Lowestoft has a contract to produce a power generation module, two bridges and a flare for the Culzean field development in the North Sea.
This work is part of a larger $1 billion contract, under which Semborp Marine's subsidiary SMOE will build the development's central processing facility, plus two connecting bridges, the wellhead platform and utilities and living quarters platform topsides.