Sembcorp Marine acquires an additional 44% stake in Gravifloat AS
Sembcorp Marine Ltd has acquired an additional 44% equity stake in Gravifloat AS for US$38 million. This will bring the Sembcorp’s stake in Gravifloat to 56%.
Under the agreement, Sembcorp will eventually increase its stake by a further 44% to 100% through an equity purchase at the same price.
Gravifloat designs and holds patents for a suite of re-deployable, modularised solutions based on its unique near-shore floating yet gravity-based LNG terminal solutions. From initial design, through construction and delivery, to installation and commissioning, Gravifloat offers customers across the LNG value chain a compelling alternative to existing onshore and floating LNG facilities.
The Gravifloat designed facilities are steel-based modularised structures that offer the advantages of a floating solution, with the floatable modules to be fully constructed and tested at a shipyard leveraging their expertise, fabrication methodology and infrastructure to efficiently construct the facility.
Gravifloat terminals offer a more cost-competitive solution compared with FSRUs (floating, storage and regasification units), FLNG and land terminals and can be designed for both liquefaction and receiving terminal services.
Sembcorp had announced its initial 12% acquisition in Gravifloat on 2 June 2014. With its holding increased to 56%, Gravifloat will become a subsidiary of Sembcorp following the completion of the Acquisition.
The consideration for the Acquisition was arrived at on a willing-buyer willing-seller basis after taking into account the net tangible asset value of US$475,000 of the Sale Shares as at 31 December 2015, the intellectual property rights and the prospects of commercialising the design, and Sembcorp’s gain of control of Gravifloat with the Acquisition.
About Gravifloat AS
Gravifloat was incorporated in Norway in 2006 as a spin-off of LMG Marin, a marine engineering and naval architecture company. The company is headquartered in Bergen. Gravifloat designs and holds patents for re-deployable modularised LNG and LPG solutions. Gravifloat terminals are designed to offer a more cost-competitive solution compared with FSRUs (floating, storage and regasification units), FLNG and land terminals and can be designed for both liquefaction and receiving terminal services.
About Sembcorp Marine
Sembcorp Marine provides innovative engineering solutions to the global offshore and marine industry, drawing upon more than 50 years of track record.
