Sembcorp Marine and the offshore and marine (O&M) arm of Keppel Corp have revised their plans for a merger in a move expected to simplify the transaction.

Under the revised agreement Sembcorp Marine will now directly buy over all of Keppel O&M’s stake from Keppel for SGD 4.5bn ($3.2bn).

The original deal involved a one-for-one share exchange between Sembcorp Marine and a combination of the two groups.