Sembcorp Marine buys 100% Equity stake in LMG Marin

According to Subsea World News Sembcorp Marine has agreed to acquire a 100% equity stake in LMG Marin AS (LMG) for US$20 million.

LMG is a naval architecture as well as ship design and engineering house headquartered in Bergen, Norway, with offices in Poland and France. Its design and engineering portfolio spans floating structures, platforms and a ship types, including drillships, floating production, storage and offloading vessels (FPSO) and offshore support vessels (OSV).

LMG originated several designs adopted by Sembcorp Marine, including the next-generation Espadon drillship design.

The Robusto FPSO hull design, customised for operation in Brazil and West Africa, is another notable LMG creation.

Following the acquisition, LMG becomes an indirect wholly-owned subsidiary of Sembcorp Marine. It brings into the company a cache of design patents and expertise in naval architectural design, engineering and technology development.

“Through the strategic acquisition of LMG, Sembcorp Marine further strengthens its intellectual property and knowledge to execute leading-edge design and engineering solutions for the global offshore and marine sectors,” said Sembcorp Marine president and CEO Wong Weng Sun. “This in turn supports our ongoing efforts to move up the value chain so that we can compete better and do more for our customers and partners.”

Related News: Transocean gets huge job for one semi-sub rig and two drillships

One of the world’s largest offshore drilling contractors, Transocean, has received new contract awards for one of its semi-sub rigs and two drillships.

According to Transocean’s latest fleet status report, the midwater floater Actinia was awarded a three-year contract offshore India at a dayrate of $101,000 ($111 million estimated contract backlog). The 1989-built semi-sub will work for ONGC offshore India from May 2016 until June 2019.

Ultra-deepwater drillship Deepwater Invictus was awarded a two well contract from BHP Billiton offshore Trinidad. The 2014-built drillship will operate at a dayrate of $350,000 ($28 million estimated contract backlog) from August 2016 until September 2016.

Further, Transocean’s ultra-deepwater drillship Dhirubhai Deepwater KG2 was awarded a six month contract. Transocean did not disclose the location and dayrate of the contract, however it did say that the 2010-built drillship would be under a contract from May until November 2016.

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