Sembcorp acquires stake in GraviFloat AS

Sembcorp Marine has entered into an agreement to purchase a 12% stake in GraviFloat AS for US$ 4 million, with a right to increase its stake up to 20% by further equity injection.

GraviFloat’s near-shore LNG terminals are designed for installation in shallow waters and are secured to the seabed when in operation to facilitate direct ship loading of LNG. The company’s LNG terminals can be designed as an LNG receiving and regasification capacity liquefaction terminal, as a mobile unit for stranded gas production and liquefaction, or for temporary production of associated gas to support oil production.

Comments

Mr Harald Vartdal, CEO of GraviFloat AS, said: “We are pleased to welcome Sembcorp Marine as a stakeholder and partner and look forward to working together in new projects ahead. The GraviFloat system is developed as a cost-effective solution to meet the trend toward natural gas fuelling and is expected to help accelerate the build-out of natural gas terminal infrastructure, particularly in near-shore locations.”

Mr Wong Weng Sun, President and CEO of Sembcorp Marine, said: “Our investment in GraviFloat represents the Group’s ongoing quest to stay ahead and actively participate across a broad spectrum of the offshore oil and gas value chain. We are excited and keen to work together with Harald and his team in providing more cost-effective solutions for our customers.”

Adapted from press release by Ted Monroe

Read the article online at: https://www.lngindustry.com/regasification/02062014/sembcorp_marine_acquires_twelve_percent_interest_in_gravifloat_as/