Sevan Marine has changed its name to Magnora following the sale of its gas businesses to Singapore's Sembcorp Marine.
According to a stock exchange announcement from the company famous for its cylindrical design for offshore rigs and production units, the new company name has now been registered with the Norwegian Register of Business Enterprises.
The company’s shares will from 15 October 2018 (inclusive) be quoted on Oslo Børs with the new name and the new ticker “MGN”, it said.
At an extraordinary general meeting held on Friday, October 12, 2018 shareholder approved the proposal to change the company’s name to “Magnora ASA”.
According to AGM minutes, the company’s objective is to deliver products and services to the energy industry and activities related to this, as well as investing in other companies.
Sevan Marine has recenlty sold its intellectual property on its offshore designs, and HiLoad LNG Offloading and regasification solutions to Singapore’s Sembcorp Marine.