Sembmarine takes 12% stake in Norway firm

SEMBCORP Marine is dipping its toes into the floating LNG/LPG terminals business, taking a 12 per cent stake costing US$4 million in a Norwegian startup, GraviFloat AS, which plans to carry out design and development and project management of such near-shore, floating terminals.

Announcing the investment, which marks a new business venture for the group, Sembmarine said yesterday that GraviFloat designs, delivers and operates re-deployable, gravity-based, modularised liquefied natural gas (LNG) and liquefied petroleum gas (LPG) terminals for installation in shallow waters.

"The GraviFloat technology (patent pending) allows the LNG terminal to be fully built and completed at a shipyard and installed in shallow waters," it added.