Sevan Marine has announced the disposal of its 50% stake in KANFA Aragon to Sembcorp Marine in an effort to reduce complexity and costs.
The stake in KANFA Aragon, a provider engineering solutions and systems for recovery, conditioning, conversion, and transport of natural gas and oil vapors for FPSOs market, was sold for cash consideration of NOK 20 million ($2.37 million).
Sevan Marine said that the transaction was completed and funds received on Tuesday, June 28, 2016.
The sale will generate a one-time financial gain of approximately $1 million in the Sevan Marine Group in the second quarter of 2016.
“The disposal represents a further positive step in Sevan Marine’s efforts to reduce complexity, reduce cost and increase focus on its core cylindrical hull technology,” the company said on Tuesday.