Asia/Pacific News
Glenn Marine Sells Singapore Shipyard
Glenn Marine Group has sold its shipyard in Singapore to Aztech Group (Aztech) for $11 million, industry news site SeaTrade Global reports.
The facility, with a site size of 251,500 square feet and water frontage of about 2,475 feet, has been renamed from Glenn Marine Logistics Base to AZ Marine Offshore Services.
The shipyard provides ship management, vessel agency, ship chandling, and ship brokerage and owns 11 tugs, nine barges, two self-propelled conveyer barges, two mooring boats, and one passenger launch boat.
"The acquisition is in line with the overall strategy of the group to strengthen its core marine logistics capability, as well as expand its ship repair and maintenance capacity," Singapore-listed Aztech said.
"In the long run, this acquisition will further open up new revenue opportunities in the fabrication and high value-added services catering to the fast growing oil and gas industry.
"It will also enable AZ Marine to better provide ancillary services such as ship agency, ship chandling and vessel resupply to its clients."
Aztech also operates in the electronics and lightings, materials supply, and food industries.
Glenn Defense Marine Asia, a subsidiary of Singapore-based Glenn Marine Group, has been involved in a fraud and bribery scandal involving the U.S. Navy.
Glenn Marine Group's website has been removed and the site is now listed as "under construction."
