Sevan Marine, Technip ink KANFA agreement


Sevan Marine, Technip ink KANFA agreement

ARENDAL, Norway -- Sevan Marine ASA has entered into an agreement with Technip Norge AS, a wholly-owned subsidiary of Technip S.A, regarding the sale of 49.0% of the shareholding in KANFA AS. The parties have agreed not to disclose the purchase price at this point in time.

Upon completion of the transaction, Sevan Marine will own 51.0% of KANFA AS and Technip will own 49.0%. The parties intend to further enhance KANFA’s development opportunities and expand the business.

KANFA, with its subsidiaries KANFA Ingenium Process AS (54.3% owned subsidiary) and KANFA Mator AS (wholly-owned subsidiary), is an independent topside and process technology specialist with activities primarily in the offshore oil and gas industry.

The cooperation will provide KANFA with new opportunities to develop its business in the North Sea and also provide access to other oil and gas markets. KANFA will continue to focus on its existing business model in addition to supporting Technip in offshore FEED and EPC projects on the Norwegian Continental Shelf going forward.

Commenting on the transaction, Sevan Marine CEO Carl Lieungh said: “We are very satisfied with this agreement and the opportunity to work with Technip. We have evaluated various strategic alternatives for KANFA for some time and are confident that this will benefit both KANFA and the owners.”

Odd Strømsnes, managing director of Technip in Norway, stated: “KANFA brings additional topside and process competence to Technip in this region and reinforces Technip’s presence in the North Sea offshore facility market”.

The agreement contemplates a potential exit subject to certain conditions in 2017. Closing of the transaction is expected to take place by the end of April.

KANFA’s shareholding in KANFA Aragon (50.0% ownership) has been transferred to Sevan Marine and will not be part of the transaction with Technip. KANFA Aragon will be operated on a stand-alone basis going forward.

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