LNG

Sembcorp Marine of Singapore has completed the acquisition of the intellectual property rights of Oslo-listed Sevan Marine for US$39 million, including the Sevan subsidiary HiLoad LNG and in an additional purchase has bought the outstanding 5 percent of HiLoad held by a minority shareholder.

Sembcorp Marine of Singapore has raised its purchase price for the acquisition of the intellectual property rights of Oslo-listed Sevan Marine to US$39 million from US$28 million and including the Sevan subsidiary HiLoad LNG.

Sevan Marine, the Norwegian engineering services company, has entered into a cooperation agreement with US energy engineering company Fluor Corp. for global projects that use its floating regasification dock technology for liquefied natural gas.

Sevan Marine, the Norwegian engineering services company, said it signed a long-term framework agreement with US major ExxonMobil for the provision of services and use of Sevan’s floating LNG cylindrical hull technology.

Feb 21 (LNGJ) - Sevan Marine, the Norwegian engineering services company, reported fourth-quarter revenue from operations of $2.2 million as it continued to support two floating production, storage and offloading (FPSO) developments for the UK Continental Shelf, one cylindrical floating LNG project for a US major and delivered engineering support for the Goliat project in the Barents Sea. “The company is in a solid financial position, with a net cash position of $24.8M and an equity ratio of 60 percent,” Sevan said. It also received notification in January of TechnipFMC’s intention to exercise an option to buy Sevan’s 51 percent shareholding in Kanfa AS.

Sevan Marine, the Norwegian engineering and project company for offshore production units, posted another net loss as a feasibility study was continuing for a floating liquefied natural gas field development with a US oil major company.

Sevan Marine, the Norwegian design, engineering and project company working on floating liquefied natural gas production and import concepts for the Philippines and the US, posted a first-quarter loss as it reorganized its management and cut costs.

May 10 (LNGJ) - Sevan Marine, the Norwegian design, engineering and project company, said it was continuing with a floating LNG feasibility study for the use of its cylindrical hull concept for a specific FLNG development involving a US major. “Sevan Marine has been awarded a follow-up study focused on the marine aspects of Sevan’s unique cylindrical design. The study is expected to generate approximately 9,000 hours of paid engineering work through 2016,” the Norwegian company said.