MARCH 9, 2016 — Singapore's Sembcorp Marine Ltd has acquired an additional 44% equity stake in LNG terminal solutions provider Gravifloat AS for US$38 million. This brings its stake in Gravifloat to 56%. Under the agreement, it will eventually increase its stake by a further 44% to 100% through an equity purchase at the same price.
Gravifloat offers an alternative to existing onshore and floating LNG facilities, using steel-based modularized structures that offer the advantages of a floating solution, with the floatable modules to be fully constructed and tested at a shipyard leveraging shipbuilding expertise, fabrication methodology and infrastructure to efficiently construct the facility.
Sembcorp Marine's President & CEO Wong Weng Sun said: "Our increased stake in Gravifloat underlines our confidence in Gravifloat designs to provide globally competitive solutions for our customers. It also reflects our strategy to broaden and deepen the Group's range of proprietary designs and solutions to develop new state-of-the-art facilities for the fast evolving LNG and LPG industries."
Sembcorp Marine says that Gravifloat terminals offer a more cost-competitive solution compared with FSRUs (floating, storage and regasification units), FLNG and land terminals and can be designed for both liquefaction and receiving terminal services.