Sevan Marine Divests Stake in KANFA Aragon

Sevan Marine ASA said it has disposed 50 percent of its stake in KANFA Aragon AS to Sembcorp Marine Ltd. for cash consideration of NOK 20 million, representing a step in the company’s efforts to cut costs and complexity while increasing its focus on its core cylindrical hull technology.

 

The transaction was completed and funds were received June 28, 2016, Sevan Marine said.

 

The sale will generate a one-time financial gain of approximately $1 million in the Sevan Marine Group in Q2 2016.