Sembcorp Seals Sevan Marine Deal

Oslo-listed Sevan Marine said September 4 that it has completed the sale of its LNG and intellectual business for $39mn to Singapore's Sembcorp Marine (SCM).

A deal was initially announced in June, but the offer price was increased in July when Sevan Marine agreed to terminate its right to accept any alternative offer.  

SCM is 61%-owned by SembCorp, the latter being controlled by the Singaporean state sovereign wealth fund Temasek with 49.5% with the remaining 50.5% publicly held. 

Sevan Marine's cylindrical hull design was part of its HiLoad design for use in floating LNG, considered for the Scarborough development offshore Australia until ExxonMobil gave up operatorship.

Bermuda-listed shipowner Teekay Corporation is offering its 43.5% stake in Sevan Marine to all other shareholders on a pro-rata basis. Sevan said that divestment is due for completion by December 2018. It  said it had also agreed a deal for the hiring out of its CEO Reese McNeel with Sembcorp whereby he devotes half of his time to Sevan Marine's remaining business, and half to Sembcorp, for six months.