Sembcorp Marine to build new rig yard in Singapore

SINGAPORE, Nov 4 (Reuters) - Sembcorp Marine (SCMN.SI), 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.

(Reporting by Saeed Azhar and Harry Suhartono; Editing by Neil Chatterjee)