SEMBCORP MARINE TO BUY NORWEGIAN SEVAN MARINE
Singaporean Sembcorp Marine (SembMarine) plans to spend US$28 million to acquire the intellectual property of Norway’s Sevan Marine, bringing to an end a long-standing dispute over infringement of each other’s intellectual property.
The deal will also translate to SembMarine purchasing a 95 per cent equity interest in HiLoad LNG, a Sevan Marine subsidiary which holds certain intellectual property rights, the transfer of 26 Sevan Marine employees, as well as unexpired leases of the company’s three office locations.
SembMarine would undertake to take over some of Sevan Marine’s existing service contracts and provide engineering services to some of Sevan’s existing contract partners which have outstanding licence fees payable to Sevan Marine.
“The litigation between SCM Group and Sevan Marine in the US courts over the infringement of intellectual property rights of SCM Group will be terminated subject to completion,” SembMarine said in a regulatory filing.
Sevan Marine, which is listed on the Oslo Bourse, specialises in the design, engineering and project execution of floating units for offshore applications. Their main product is a cylindrical platform used for floating production and drilling.
“Through the strategic acquisition of Sevan Marine’s intellectual property rights, the long-standing dispute over infringement of each other’s IP can be resolved,” SembMarine said.
“Sembcorp Marine will be well placed with a suite of intellectual properties and knowledge to execute leading-edge design and engineering solutions for the global offshore and marine sectors. This puts the company in a better position to offer alternative solutions to customers and partners.”
Sevan Marine ASA is a specialized marine engineering and design house. We innovate, design and execute cost effective offshore solutions. We pioneered the cylindrical hull as a cost effective alternative to traditional ship-shaped, turret moored designs. The innovative, geostationary design avoids the need for a costly turret while allowing for a larger number of risers and the flexibility for future tie-ins. With 11 units constructed and over 35 years of accumulated operational experience, the Sevan Marine cylindrical hull is a proven and credible alternative to traditional offshore, floating designs. ( Sources: The Strait Times/Business Times)