05 Sep 2018

Completion of Acquisition of Intellectual Property Rights of Sevan Marine ASA

Singapore, September 5, 2018: Sembcorp Marine Ltd (the “Company”) refers to the announcements made on 8 June 2018 and 6 July 2018 regarding the acquisition of intellectual property rights of Sevan Marine ASA. The Company is pleased to announce that its wholly-owned subsidiary, Sembcorp Marine Integrated Yard Pte. Ltd. (“SMIY”), has completed:

  • the acquisition of interests and titles to all of Sevan Marine ASA’s intellectual property;
  • the acquisition of 95% equity interest in HiLoad LNG AS (a subsidiary of Sevan Marine Asa which holds certain intellectual property rights);
  • the takeover of all operating and associated costs, including unexpired leases, in maintaining Sevan Marine’s three office locations; and
  • the transfer of 26 Sevan Marine employees (subject to their acceptance)

at a consideration of USD39 million.

SMIY has also acquired the balance of 5% equity interest in HiLoad LNG AS from a minority shareholder for a cash consideration of NOK625,000 (approximately SGD100,000) .

Following the completion of the acquisition, HiLoad LNG AS will be a wholly owned subsidiary of SMIY.

 

For more information, contact:

Analysts’ enquiries
Ms Lisa Lee
Head of Investor Relations
Phone: +65 62627107
Email: lisa.lee@sembmarine.com

Media enquiries
David Wong
Head of Corporate Communications
Phone: +65 62628036
Email: david.wong@sembmarine.com

 

For the PDF version of this announcement, please click here

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