SembMarine to buy Sevan Marine's IP in US$28m deal to end legal dispute

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.