Sevan Marine changing name

Sevan Marine, the company famous for its cylindrical design for offshore rigs and production units, is changing its name.

At an extraordinary general meeting held on Friday, October 12, 2018 shareholder approved the proposal to change the company’s name to “Magnora ASA”.

The company will be listed on Oslo Børs with the new name Magnora ASA, and new ticker MGN from 15.10.2018.

According to the minutes of the meeting, the company’s objective is to deliver products and services to the energy industry and activities related to this, as well as investing in other companies.

The name change follows a recent sale of Sevan Marine’s intellectual property on its offshore designs, and HiLoad LNG Offloading and regasification solutions to Singapore’s Sembcorp Marine. According to reports, the deal included a provision for Sevan to change its name.

Sembcorp Marine 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.

Singapore’s Sembcorp Marine has established Sevan SSP AS as a fully-owned subsidiary to manage the engineering and design business under the rights bought from Sevan Marine.

Offshore Energy Today Staff