Sembcorp Marine Ltd’s wholly-owned subsidiary, Sembcorp Marine Integrated Yard Pte Ltd (SMIY), has entered into a sale and purchase agreement (SPA) with its existing shareholders to acquire a 100% equity stake in LMG Marin AS for US$20 million.
Headquartered in Bergen, Norway, LMG is a naval architecture, ship design and engineering house. Its portfolio spans floating structures, platforms and a wide variety of ship types, such as LNG carriers; LNG-powered ships; drillships; floating production, storage and offloading vessels (FPSO); floating storage and offloading vessels (FSO); and offshore support vessels (OSV).
LMG originated several key designs adopted by Sembcorp Marine, including the Gravifloat modular LNG and LPG platform solutions.
Following the acquisition, LMG will become an indirect wholly-owned subsidiary of Sembcorp Marine.
Sembcorp Marine President and CEO, Wong Weng Sun, said: "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 […] 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."
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/lng-shipping/19082016/sembcorp-marine-acquires-lmg-marine-2930/