Sevan Marine Offer Price Increased

Singaporean Sembcorp Marine (SCM)  has upped the offer made a month ago for Oslo-listed Sevan Marine's LNG and intellectual business from $28mn to $39mn, Sevan said July 6.

In return, Sevan Marine has accepted to terminate the right to accept any alternative offer. Teekay also agrees to offer its 43.5% shareholding in Sevan Marine to all other shareholders on a pro-rata basis at Nkr 10/share, exiting the company. Sevan Marine has also agreed to withdraw the lawsuit against Logitel Offshore with effect from completion of the offer by Teekay.

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

It is expected that both the SCM transaction and sale of Teekay's shares will be completed later this year, possibly by September.

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.