Sembcorp Marine completes Sevan Marine deal

Norway-based cylindrical floater specialist Sevan Marine has completed the sale of intellectual property to Singapore’s Sembcorp Marine.

To remind, Sevan entered into the deal with a Sembcorp Marine subsidiary, Sembcorp Marine Integrated Yards Pte. Ltd. (SCM), on June 7.

Sembcorp Marine said on Wednesday that SCM acquired interests and titles to all of Sevan Marine’s intellectual property and proprietary business, 95% of shares of HiLoad LNG AS for a cash consideration of $39 million.

The company added that it would take over all operating and associated costs, including unexpired leases, in maintaining Sevan Marine’s three office locations and would transfer 26 Sevan Marine employees to Sembcorp, subject to their acceptance.

SMIY also acquired the balance of 5% equity interest in HiLoad LNG AS from a minority shareholder for a cash consideration of $75,000. It is worth reminding that HiLoad LNG is a subsidiary of Sevan Marine which holds certain intellectual property rights

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

In a previous statement on June 8, Sevan said it would retain the income from the Dana Western Isles license agreement and the shares of Sevan Holding V AS including the position as claimant in the Logitel-case while the Shell Penguins license agreement is intended to be transferred to SMIY.