The name change won't have any impact on Sembmarine's operations or finances, the firm said. Sembcorp and Keppel first signed a deal to explore merging their offshore shipyard divisions in mid-2021. Those talks materialized in the form of an initial merger agreement in April 2022, planning to seize "opportunities arising from decarbonization in the oil & gas sector and from the global energy transition towards renewables." In October, the deal was restructured as an acquisition to speed up the transaction. Sembcorp Marine agreed to buy Keppel O&M, accelerating the process by reducing certain lender and shareholder consent requirements. Keppel O&M shareholders would end up owning a 54 percent majority stake of the combined entity. This $3.4 billion deal was approved by shareholders and completed in February.