Singapore’s Sembcorp Marine has entered into an agreement with Sevan Marine to revise the purchase price for the majority of the Norwegian company’s business, from $28m to $35m, after further negotiations with several shareholders of Sevan Marine.
The two parties reached an agreement for the proposed deal last week, and as part of the revision of the purchase price Sevan Marine will not have a right to terminate the proposed transaction in respect of any alternative offer.
Sembcorp Marine will fund the acquisition through a combination of internal funds and bank financing.
Following completion of the deal, which is expected in the third quarter of this year, the scope and scale of Sevan Marine’s operations will be substantially reduced.
