Sembcorp Marine’s unit Sembcorp Marine Integrated Yard (SMIY) on Friday informed it has decided to acquire 100 percent equity stake in LMG Marin of Norway for US$20 million.
Sembcorp Marine already adopted LMG Marin designs such as the Gravifloat modularised LNG and LPG floating gravity-based terminal solution, an alternative to FSRU, FLNG and land-based terminals.
Following the acquisition, LMG will become a unit of Sembcorp Marine.
According to Sembcorp’s statement, the consideration for the acquisition will be fully paid in cash by internally generated funds.
Earlier in March, Sembcorp Marine increased its stake in Gravifloat, in which it partners with LMG Marin and Siemens, to 56 percent for by acquiring a 44 percent stake for $38 million.