Sembcorp Marine : Completion of Acquisition of Intellectual Property Rights of Sevan Marine ASA

Completion of Acquisition of Intellectual Property Rights of Sevan Marine ASA

Singapore, September 5, 2018: Sembcorp Marine Ltd (the 'Company') refers to the announcements made on 8 June 2018 and 6 July 2018 regarding the acquisition of intellectual property rights of Seven Marine ASA. The Company is pleased to announce that its wholly-owned subsidiary, Sembcorp Marine Integrated Yard Pte. Ltd. ('SMIY'), has completed:

• the acquisition of interests and titles to all of Sevan Marine ASA's intellectual property;
• the acquisition of 95% equity interest in HiLoad LNG AS (a subsidiary of Sevan Marine Asa which holds certain intellectual property rights);
• the takeover of all operating and associated costs, including unexpired leases, in maintaining Sevan Marine's three office locations; and
• the transfer of 26 Sevan Marine employees (subject to their acceptance)

at a consideration of USD39 million.

SMIY has also acquired the balance of 5% equity interest in HiLoad LNG AS from a minority shareholder for a cash consideration of NOK625,000 (approximately SGD100,000) .

Following the completion of the acquisition, HiLoad LNG AS will be a wholly owned subsidiary of SMIY.

For more information, contact:

Analysts' enquiries
Ms Lisa Lee
Head of Investor Relations
Phone: [phone]
Email: [e-mail]

Media enquiries
David Wong
Head of Corporate Communications
Phone: [phone]
Email: [e-mail]

For the PDF version of this announcement, please click here.

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