Sevan Marine sheds KANFA Aragon stake to focus on cylindrical hull tech

  • Business & Finance

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.

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