Sembcorp Marine to acquire LMG Marin AS for $27m

It is after LMG’s cutting-edge ship designs.

Sembcorp Marine is giving its creative domain a boost as its wholly-owned subsidiary, Sembcorp Marine Integrated Yard Pte. Ltd., is set to snap up a 100% equity stake in LMG Marin AS (LMG) for S$27 million (US$20 million) cash.

Sembcorp Marine CEO Wong Weng Sun said the purchase of LMG will optimise the company’s intellectual property and knowledge to cutting-edge offshore and marine design and engineering.

LMG is a Norway-based naval architecture as well as ship design and engineering house with offices in Poland and France. It pioneered several designs adopted by Sembcorp Marine including the FSO design for the construction of the newbuild FSO for deployment in the UK North Sea, the Gravifloat modular LNG and LPG platform solutions that are a cost-competitive alternative to FSRU, FLNG and land-based terminals, and the next-generation Espadon drillship design among others.

Its acquisition will bring Sembcorp Marine a cache of design patents and expertise in naval architectural design, engineering and technology department, the company said.