Sembcorp Acquires 12 Pct Interest in GraviFloat

Sembcorp Marine has entered into an agreement to acquire a 12% stake in GraviFloat for US$4 million, with a right to increase its stake up to 20% by further equity injection.

GraviFloat was formed to design, deliver and operate re-deployable, gravity-based, modularised LNG and LPG Terminals for installation in shallow waters. The investment represents a new business venture for the Sembcorp Marine group. GraviFloat’s near-shore LNG terminals are designed to be installed in shallow waters and are fully fixed to the seabed when in operation.

GraviFloat LNG terminals can be designed for a variety of purposes and at almost any size. They can be designed as an LNG receiving and regasification capacity liquefaction terminal, as a mobile unit for stranded gas production and liquefaction, or for temporary production of associated gas to support oil production, to name a few more common applications.

The GraviFloat technology (patent pending) allows the LNG terminal to be fully built and completed at a shipyard and installed in shallow waters to facilitate direct ship loading of LNG. The GraviFloat terminals are designed to offer a more cost-competitive solution compared with FSRUs (floating storage and regasification units) and land terminals and can be designed for both liquefaction and receiving terminal services.

Press Release, June 2, 2014; Image: GraviFloat

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