Sembcorp Marine buys 12% stake in LNG terminal firm
Published on Jun 2, 2014 9:53 AM
SINGAPORE - Sembcorp Marine said on Monday it has agreed to buy a 12 per cent stake in GraviFloat, which designs and operates liquefied natural gas (LNG) and liquefied petroleum gas (LPG) terminals.
The Singapore-listed marine and offshore engineering group will pay US$4 million (S$5 million) for the stake, which "represents a new business venture" for the group, it said.
GraviFloat's technology, which is pending a patent, allows LNG terminals to be fully built and completed at a shipyard and installed in shallow waters to facilitate direct ship loading of LNG.
Its terminals are designed to offer a more cost-competitive solution compared with floating storage and regasification units (FSRUs) and land terminals, and can be designed for both liquefaction and receiving terminal services, Sembcorp Marine said.
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