Sevan Marine has announced that the company had received a formal notification of Technip Norge’s intention to exercise their option to buy Sevan Marine’s remaining 51% shareholding in KANFA AS.

The shareholders’ agreement between the parties contains an option for Technip Norge to purchase the shares held by Sevan Marine in KANFA. In January, Technip Norge sent a notice to Sevan Marine exercising their option right in accordance with the shareholders’ agreement.

The parties have now agreed on all terms and conditions for the transaction and Sevan Marine sells its shares in KANFA AS to Technip Norge for NOK 2.0 million.

The transaction is complete and will 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.

Tags: KANFA AS, Sevan Marine, Technip Norge