Sevan Marine, a Norwegian designer of offshore oil and gas facilities, has sold its shares in the topside specialist Kanfa to TechnipFMC.
Technip, now TechnipFMC, initially acquired a 49 percent stake from Sevan, back in 2014 for an undisclosed amount. Under the agreement Sevan has agreed to sell its remaining 51% shareholding in Kanfa to Technip Norge for NOK 2.0 million.
In a statement on Tuesday, Sevan Marine said the transaction was complete and would be booked in second quarter 2017.
Sevan Marine estimates an accounting loss of NOK 9.2 million that will be recorded in discontinued operations in relation to the deconsolidation of the KANFA Group.
“Together with Technip Norge, we have worked to strengthen the KANFA business over the past three years. I am confident that Technip Norge is the right partner to continue this effort and to take KANFA to the next level. I would like to thank the management and employees of KANFA for their efforts and dedication over the past years and wish them and Technip Norge all the best for the future”, says Reese McNeel, CEO of Sevan Marine ASA.
Offshore Energy Today Staff