Sembcorp Marine Ltd refers to the announcements made on 8 June 2018 and 6 July 2018 regarding the acquisition of intellectual property rights of Sevan Marine ASA. The Company is pleased to announce that its wholly-owned subsidiary, Sembcorp Marine Integrated Yard Pte. Ltd. (“SMIY”), has completed:

- the acquisition of interests and titles to all of Sevan Marine ASA’s intellectual property;
- the acquisition of 95% equity interest in HiLoad LNG AS (a subsidiary of Sevan Marine Asa which holds certain intellectual property rights);
- the takeover of all operating and associated costs, including unexpired leases, in maintaining Sevan Marine’s three office locations; and
- the transfer of 26 Sevan Marine employees (subject to their acceptance)

at a consideration of USD39 million.

SMIY has also acquired the balance of 5% equity interest in HiLoad LNG AS from a minority shareholder for a cash consideration of NOK625,000 (approximately SGD100,000) .

Following the completion of the acquisition, HiLoad LNG AS will be a wholly owned subsidiary of SMIY.

About Sembcorp Marine

Sembcorp Marine provides innovative engineering solutions to the global offshore, marine and energy industries, drawing upon more than 50 years of track record. We focus on four key capabilities, namely, Rigs & Floaters; Repairs & Upgrades; Offshore Platforms; and Specialised Shipbuilding. Our customers include major oil companies, drilling contractors, shipping companies as well as owners and operators of floating production units. We operate shipyards strategically located in Singapore, Indonesia, the United Kingdom and Brazil.

About Sevan Marine

Sevan Marine is a technology, design and engineering company. The company is developing, designing and delivering cost effective offshore solutions based on its unique cylindrical hull design and the HiLoad LNG offloading and regas technologies. Sevan Marine ASA is listed on the Oslo Børs with ticker SEVAN.