Sevan Marine Sells Share in Kanfa to Technip

Sevan Marine Sells Share in Kanfa to Technip

Sevan Marine has entered into an agreement with Technip Norge AS on April 3rd, regarding the sale of 49.0% of the shareholding in KANFA AS.

The parties have not disclosed the purchase price. 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.

Commenting on the transaction, Sevan Marine CEO Carl Lieungh said: “We are very satisfied with this agreement and the opportunity to work with Technip. We have evaluated various strategic alternatives for KANFA for some time and are confident that this will benefit both KANFA and the owners. KANFA has high ambitions to expand the business, and we now have a strong position to seize new business opportunities in areas with mutual interests. With continued ownership in KANFA, Sevan Marine will benefit from future growth.”

Odd Strømsnes, Managing Director of Technip in Norway, stated: “KANFA brings additional topside and process competence to Technip in his region and reinforces Technip’s presence in the North Sea offshore facility market. Technip has been present in Norway for the last 25 years as a leading contractor in subsea developments and offshore infrastructures and has around 750 employees. This agreement will indeed strengthen our position in the topside market and reinforces our capabilities and extend the range of solutions we can offer our clients.”

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Press Release, April 25, 2014; Image: KANFA
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