Disposal of 50% Stake in KANFA Aragon AS (Scandinavian Oil-Gas Magazine)

Disposal of 50% Stake in KANFA Aragon AS

Published Jun 29, 2016

illustration: Sevan Marine

Sevan Marine ASA has announced the disposal of its 50% stake in KANFA Aragon AS to Sembcorp Marine Ltd. for cash consideration of NOK 20 million. The transaction was completed and funds received today, June 28, 2016.

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

The disposal represents a further positive step in Sevan Marine ASA’s efforts to reduce complexity, reduce cost and increase focus on its core cylindrical hull technology.

Tags: KANFA Aragon AS, Sembcorp Marine Ltd., Sevan Marine ASA

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