Singapore’s Sembcorp wraps up Sevan Marine deal

Singapore’s Sembcorp Marine has completed the acquisition of intellectual property rights of Norway-based Sevan Marine.

Sembcorp’s unit Sembcorp Marine Integrated Yard bought the interests and title to all of Sevan Marine’s intellectual property, 95 percent equity interest in HiLoad LNG, as well as took over all operating and associated costs, including unexpired leases.

The deal is worth $39 million.

Sembcorp said in a statement on Wednesday that SMIY has also acquired the balance of 5 percent equity interest in HiLoad LNG from a minority shareholder for a cash consideration of 625,000 Norwegian kroner ($74,238).

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