Sevan Marine ASA has acquired the technology rights of TORP LNG AS and its affiliates. This acquisition gives Sevan Marine ownership of the proprietary HiLoad technology for offshore loading of LNG. The HiLoad technology was originally developed for offshore loading of crude oil and the technology rights related to loading of oil remains with Remora. The first HiLoad unit, owned by Teekay Offshore, is about to commence operations offshore Brazil.
Sevan Marine, best known for its cylindrical FPSOs, drilling units and lately accommodation rigs via Logitel Offshore, has developed a Floating LNG platform, FLNG, based on the cylindrical hull shape which eliminates the need for expensive turret and swivel solutions. Because of the extremely low temperature of LNG, minus 163 deg. C, offshore loading of LNG has been complicated and potential operators of FLNG units have been on the look- out for new, safe and cost efficient solutions. With the acquisition of TORP LNG, Sevan Marine intends to provide the market with such a solution for safe offshore transfer of LNG. A new Sevan Marine subsidiary, HiLoad LNG AS, has been incorporated and is offering the HiLoad technology for offshore LNG transfer as a stand-alone solution for any FLNG unit, or in combination with Sevan's cylindrical FLNG unit.
The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.
