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Sembcorp Marine raises purchase price for Sevan Marine's intellectual property rights

SEMBCORP Marine (SembMarine) is upping the purchase price for the acquisition of the intellectual property rights of Oslo-listed Sevan Marine ASA to US$39 million from US$28 million.

This comes after further negotiations with several of Sevan Marine shareholders, it said in a filing with the Singapore Exchange on Friday. 

On June 8, it announced that its wholly owned subsidiary, Sembcorp Marine Integrated Yard (SMIY), 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.

SembMarine will fund the revised amount through a combination of internal funds and bank financing, it said.

As part of the revised deal, Sevan Marine will not have a right to terminate the transaction in favour of any alternative offer.

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Sevan Marine specialises in the design, engineering and project execution of floating units for offshore applications. Their main product is a cylindrical platform used for floating production and drilling. 

In the June announcement, SembMarine highlighted that through the acquisition, it will be well placed with a suite of intellectual properties and knowledge to execute leading-edge design and engineering solutions for the global offshore and marine sectors. 

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