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SembMarine acquiring IP rights of Sevan Marine for $37 mil cash to resolve long-standing dispute

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SembMarine acquiring IP rights of Sevan Marine for $37 mil cash to resolve long-standing dispute

PC Lee Published on Fri, Jun 08, 2018 / 7:56 AM GMT+8

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SINGAPORE (June 8): Sembcorp Marine is acquiring the intellectual property rights of Norway’s Sevan Marine for US$28 million ($37.4 million) in cash.

In a filing this morning, SembMarine says the acquisition should resolve the long-standing dispute over infringement of each other’s IP.

Sevan Marine, which is listed on the Oslo Bourse, specialises in the design, engineering and project execution of floating units for offshore applications.