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Business deals

Temasek-backed rig builders to merge amid decarbonization trend

Keppel and Sembmarine deal expected to close by Q4

Keppel and Sembcorp Marine are listed on the Singapore Exchange and are among the world's largest builders of offshore oil rigs.

SINGAPORE -- Singapore oil rig builders Keppel and Sembcorp Marine on Wednesday announced a deal to merge business units as global energy prices spike on the back of Russia's invasion of Ukraine.

Keppel, a conglomerate that runs enterprises covering areas from real estate to urban development, will combine its rig-building offshore and marine unit with Sembmarine.

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