Sevan Marine has sold its 50% stake in KANFA Aragon to Sembcorp Marine for NOK 20m ($2.4m).
The transaction was completed and funds received today, incurring a $1m financial gain, Sevan Marine said.
KANFA Aragon, which is based in Bergen, provides process design and engineering for the offshore floating production, storage and offloading market for LNG, including gas treatment, conditioning and compression systems.
“The disposal represents a further positive step in Sevan Marine’s efforts to reduce complexity, reduce cost and increase focus on its core cylindrical hull technology,” the Oslo-listed company said in a filing.
Sembcorp Marine said a joint venture-agreement will be entered into with Holding KA, the company formed by KANFA Aragon’s existing management and employee shareholders, who hold the other 50% of the shares in Aragon.
Aragon will cease to use the name ‘KANFA’ within six months after the acquisition.