Sembcorp Marine, the world's number-two builder of offshore oil rigs, will build a new yard in Singapore to meet demand for oil rigs, with the first phase of the project to cost S$750 million ($537 million). Sembcorp Marine has secured a S$300 million term loan and S$400 million revolving credit facilities with various banks to finance the construction of the yard, it said in a statement.
The first phase will be completed four years after work begins next month, it said.
This is an extract from http://in.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idINSGC00336020091104
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