Sembcorp Marine Snaps Up Norwegian Naval Design and Engineering Firm

Business & Finance

Sembcorp Marine has agreed to acquire a 100% equity stake in LMG Marin AS (LMG) for US$20 million.

LMG is a naval architecture as well as ship design and engineering house headquartered in Bergen, Norway, with offices in Poland and France. Its design and engineering portfolio spans floating structures, platforms and a ship types, including drillships, floating production, storage and offloading vessels (FPSO) and offshore support vessels (OSV).

LMG originated several designs adopted by Sembcorp Marine, including the next-generation Espadon drillship design.

The Robusto FPSO hull design, customised for operation in Brazil and West Africa, is another notable LMG creation.

Following the acquisition, LMG becomes an indirect wholly-owned subsidiary of Sembcorp Marine. It brings into the company a cache of design patents and expertise in naval architectural design, engineering and technology development.

“Through the strategic acquisition of LMG, Sembcorp Marine further strengthens its intellectual property and knowledge to execute leading-edge design and engineering solutions for the global offshore and marine sectors,” said Sembcorp Marine president and CEO Wong Weng Sun. “This in turn supports our ongoing efforts to move up the value chain so that we can compete better and do more for our customers and partners.”