TechnipFMC completes Kanfa share purchase

TechnipFMC completes Kanfa share purchase
Illustration purposes only (Image courtesy of Kanfa)

Norway’s Sevan Marine and TechnipFMC have agreed on terms and conditions under which the latter will acquire the remaining the 51 percent in Kanfa. 

In January, TechnipFMC sent a notice to Sevan Marine exercising their option right in accordance with the shareholders’ agreement to acquire the shares held by Sevan Marine in Kanfa.

The notice came in January when French LNG-engineer Technip and Houston-based FMC Technologies started operating as a unified, combined company.

The transaction, according to Sevan Marine’s statement is valued at NOK 2 million ($236,920) and has already been completed.

Kanfa, located in Hvalstad – Asker, Norway is a process design and engineering company servicing the offshore industry.

1 NOK = 0.118460 USD