Singapore’s Sembcorp Marine said on Wednesday it has acquired additional 44 percent stake in the Norwegian floating LNG specialist Gravifloat .
With the US$38 million investment, Sembcorp Marine increased its stake in Gravifloat to 56 percent, the company said in a statement.
Under the agreement, Sembcorp Marine intends to acquire the remaining 44 percent stake in Gravifloat, through an equity purchase at the same price.
Following the completion of the transaction, Gravifloat, the designer of modularised LNG and LPG floating gravity-based terminal solutions, will become a unit of Sembcorp Marine.
Sembcorp Marine’s President and CEO Wong Weng Sun said in the statement the company intends to expand its range in the LNG and LPG industries.
LNG World News Staff