Marco Polo Marine plans shipyard spin-off through reverse takeover deal

Marco Polo Marine plans to spin off its shipyard business through a reverse takeover of Fuji Offset Plates Manufacturing in a deal valued at up to USD 139 million (EUR 119.55 million).
Under the proposed transaction, Fuji Offset Plates Manufacturing will issue new shares at SGD 0.701 each, giving Marco Polo Marine a controlling stake of 74.1% in the enlarged entity. The deal remains subject to shareholder approval at an extraordinary general meeting.
Marco Polo Marine said the separate listing would create a “transparent platform” for the future growth of its shipyard operations. The company added that a substantial portion of current yard revenue comes from intragroup projects linked to fleet renewal and offshore wind expansion, which are removed during consolidation.
The group said: “Post-transaction, all revenue will be fully reportable, providing investors with clear visibility into the shipyard's earnings capacity and its strategic role in the offshore wind sector.”
Sean Lee, executive director and chief executive of Marco Polo Marine, described the transaction as “a pivotal milestone” for the company.
Marco Polo Marine currently operates shipyards in Indonesia alongside a chartering business focused on the Taiwanese offshore wind market. The company is also pursuing a separate listing for its Taiwan-based operations.
The company reported a net profit of SGD 11.6 million in the first half of the financial year 2026, with revenue rising 40% year on year to SGD 74 million.