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Sembcorp Marine increases stake in Gravifloat

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LNG Industry,

Sembcorp Marine Ltd has announced the acquisition of an additional 44% equity stake in Gravifloat AS for US$38 million.

This will increase the company's stake in Gravifloat to 56%, with an agreement in place to eventually acquire the remaining 44% of Gravifloat through an equity purchase at the same price.

Gravifloat designs and holds patents for a suite of re-deployable, modularised solutions based on its near-shore floating yet gravity-based LNG terminal solutions.

Sembcorp Marine's President and CEO, Wong Weng Sun, said: "Our increased stake in Gravifloat underlines our confidence in Gravifloat designs to provide globally competitive solutions for our customers. It also reflects our strategy to broaden and deepen the group's range of proprietary designs and solutions to develop new state-of-the-art facilities for the fast evolving LNG and LPG industries."

Sembcorp Marine purchased its initial 12% acquisition in Gravifloat on 2 June 2014. With its holding increased to 56%, Gravifloat will become a subsidiary of the company following the completion of the acquisition.

Edited from press release by

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