The sale aims to kill a lawsuit Sevan Marine filed against Sembmarine.
Sembcorp Marine (Sembmarine) raised its offer price for the intellectual property (IP) rights of Norway-based Sevan Marine from US$28m to US$39m. This was a result of negotiations with Sevan Marine shareholders.
The purchase will terminate a US Court infringement case filed by the Norwegian firm against Sembmarine.
The transaction covers the acquisition of a 95% interest in HiLoad LNG AS, a Sevan Marine subsidiary holding certain intellectual property rights; the takeover of all operating and associated costs, including unexpired leases, in maintaining Sevan Marine's three office locations; and the transfer of 26 Sevan Marine employees.
Listed in the Oslo Bourse, Sevan Marine specialises in the design, engineering, and project execution of floating units for offshore applications.
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