Sembcorp Marine nabs 44% stake in Gravifloat worth US$38m

It’s trying to move into offshore gas processing units.

Sembcorp Marine has snapped up an additional 44% stake in Gravifloat AS to the tune of US$38m.

According to the company’s news release, this brings Sembcorp Marine’s total stake in Gravifloat to 56%.

Under the two parties’ deal, Sembcorp Marine will eventually increase its stake by another 44% through an equity purchase at the same price.

Moreover, Sembcorp Marine intends to pay for the stake in cash, using internal funds.

The company asserts the acquisition will allow Sembcorp Marine to gain significant control of Gravifloat and expand the group’s products and services by moving into offshore gas processing units.

Sembcorp Marine notes that this stake acquisition will not materially impact the group’s net tangible assets per share and earnings per share for FY16.