SembMarine to buy Sevan Marine's IP in US$28m deal to end legal dispute
SembMarine will also acquire a 95% equity interest in Sevan Marine's subsidiary HiLoad LNG
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Singapore
SEMBCORP Marine (SembMarine) plans to buy the intellectual property of Norway's Sevan Marine for US$28 million and bring an end to a long-standing intellectual property dispute between the two parties, according to a Friday morning announcement on the Singapore Exchange.
As part of the deal, SembMarine will also acquire a 95 per cent equity interest in HiLoad LNG, a Sevan Marine subsidiary which holds certain intellectual property rights; accept the transfer of 26 Sevan Marine employees; and assume operating costs, including unexpired leases, of the company's three office locations.
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