Sembcorp Marine Purchases Norwegian Ship Design Firm

Sembcorp Marine Integrated Yard, a subsidiary of Singapore-based marine and offshore engineering group Sembcorp Marine, has entered into a sale and purchase agreement to acquire a 100% equity stake in Norwegian ship design and engineering company LMG Marin AS for USD 20 million.

The consideration for the acquisition, to be fully paid in cash by internally generated funds, was arrived at on a willing-buyer willing-seller basis, after taking into account the estimated net tangible asset value of USD 3.8 million as at July 31, 2016, and intellectual property and patents of LMG.

Following the acquisition, LMG becomes an indirect wholly-owned subsidiary of Sembcorp Marine.

“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.

The acquisition is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of the company for the year ending December 31, 2016.

LMG Marin’s design and engineering portfolio includes floating structures, platforms and a wide variety of ship types, such as drillships, floating production, storage and offloading vessels (FPSO), floating storage and offloading vessels (FSO), offshore support vessels (OSV), LNG carriers, LNG-powered ships, car ferries, and cruise ships.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >