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Sevan sells Kanfa shares to Technip

Written by  OE Staff Tuesday, 13 June 2017 09:55

Sevan Marine has sold its remaining 51% stake in Kanfa to Technip Norge for nearly US$240,000 (NOK $2 million).

In February, Sevan received a formal notification of Technip Norge’s intention to exercise their option to buy Sevan Marine’s remaining shares in Kanfa.

The transaction is complete and will be booked in Q2 2017. Sevan Marine estimates an accounting loss of more than $1 million (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,” says Reese McNeel, CEO of Sevan Marine.

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