Sevan Marine ASA has on April 3rd 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 a leading independent topside and process technology specialist with activities primarily in the offshore oil and gas industry. In total, the KANFA Group employs approximately 50 highly skilled engineers.

Tags: Sevan Marine ASA, Technip Norge AS