World Marine sells MS shipyard

PASCAGOULA, Miss. - World Marine LLC, a shipyard services company with a presence on the Gulf Coast, announced Aug. 25 it had completed a transaction divesting its Pascagoula shipyard by selling to Singapore Technologies Engineering (STE) for $25M. World Marine purchased the assets of Signal International in December 2015, including shipyards in Pascagoula, Miss. and Mobile, Ala. The Pascagoula yard had focused on offshore rig repair and conversions. The divestiture allows the company to focus on its Mobile facility. The divestiture also included a restructuring of WM's management. WM-Alabama is a full-service shipyard that boasts a commercially certified Panamax-capacity dry dock, deep-water berths up to 1,000 feet, and a 100-ton floating crane. (Source: Gulf Five 08/25/17) The sales figure STE paid was reported via Marine Link.