Sembcorp Marine completes LMG Marin acquisition

Sembcorp Marine on Friday said it’s unit Sembcorp Marine Integrated Yard (SMIY) completed the acquisition of 100 percent equity stake in LMG Marin of Norway.

Accordingly, LMG Marin has become an indirect wholly-owned subsidiary of the Sembcorp Marine, the company said in its statement.

Previously, SMIY said the acquisition of the Norwegian designer of the Gravifloat, a modularised LNG and LPG floating gravity-based terminal solution, an alternative to FSRU, FLNG and land-based terminals, for US$20 million.

Sembcorp Marine noted in the statement that the acquisition is fully paid in cash by internally generated funds.