Sembcorp bumps up Sevan Marine purchase price

Sembcorp bumps up Sevan Marine purchase price
Image courtesy of Sevan Marine

Sembcorp Marine, said that it has revised its purchase price of Sevan Marine assets that include the 95 percent equity interest in Hiload LNG. 

In June, Sembcorp’s unit, Sembcorp Marine Integrated Yard agreed to acquire Sevan Marine’s assets for $28 million.

Following an extraordinary general meeting earlier this month, and further negotiations with several Sevan Marine shareholders, Sembcorp Marine agreed to revise the purchase price to $39 million.

As part of the revision of the purchase price, Sevan Marine will not have a right to terminate the proposed transaction in respect of any alternative offer.

As informed initially, Sembcorp Marine will acquire the interests and title to all of Sevan Marine’s intellectual property, 95 percent equity interest in HiLoad LNG, as well as take over all operating and associated costs, including unexpired leases.

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