Sevan Marine has agreed to sell a 49% stake in Norwegian firm KANFA AS to Technip Norge for an undisclosed amount.
The deal will leave Sevan Marine with 51% ownership in KANFA AS, with Technip owning the remaining 49%.
KANFA is an independent topside and process technology specialist with activities primarily in the offshore oil and gas industry. It has subsidiaries KANFA Ingenium Process AS (54.3% owned subsidiary) and KANFA Mator AS (wholly owned) and about 50 engineering staff.
Sevan said the deal 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.
Odd Strømsnes, managing director of Technip in Norway, says: “KANFA brings additional topside and process competence to Technip in his region and reinforces Technip’s presence in the North Sea offshore facility market.”
KANFA’s shareholding in KANFA Aragon (50% ownership) has been transferred to Sevan Marine and will not be part of the transaction with Technip, Sevan added. KANFA Aragon will be operated on a stand-alone basis.