Singapore

SEMBCORP Marine (SembMarine) will pay US$39 million for the acquisition of the intellectual property rights of Oslo-listed Sevan Marine ASA - instead of US$28 million - after negotiations with several of Sevan Marine's shareholders.

On June 8, it had previously announced that its wholly-owned subsidiary, Sembcorp Marine Integrated Yard, was entering into a sale and purchase agreement with Sevan Marine to acquire its interests and title to all its intellectual property; a 95 per cent stake in HiLoad LNG AS, which is a Sevan Marine subsidiary holding certain intellectual property rights; the takeover of all operating and associated costs in maintaining Sevan Marine's three office locations; and the transfer of 26 Sevan Marine employees.