TechnipFMC to buy remaining stake in Kanfa from Sevan Marine

Oilfield services provider TechnipFMC is looking to buy the remaining stake in the topside specialist Kanfa from Sevan Marine.

In an update on Tuesday, Sevan Marine said it had been approached by TechnipFMC in January which delivered a notification of intention for the acquisition of Sevan’s remaining 51 percent stake in Kanfa AS.

Technip, as the company was named before the recent merger with FMC Technologies, initially acquired a 49 percent stake from Sevan, back in 2014 for an undisclosed amount.

The 2014 sale agreement entailed a potential exit and an option to buy, which could be triggered in 2017 at the earliest.

The deal did not include the acquisition of Kanfa Aragon, at the time owned 50-50 by Sevan and Kanfa AS, which would from that point on act as a standalone company.

In 2016, Sevan sold its half of Kanfa Aragon to Sembcorp Marine to increase its focus on the company’s trademark cylindrical hull technology.

Sevan Marine said in its full year financial results published on Tuesday that it expects the closing of the transaction with TechnipFMC to happen during the first quarter 2017 with insignificant impact on the financial results.

For the current quarter, Kanfa’s assets and liabilities were classified as held for sale and the Topside and Process Technology segment, consisting in full of Kanfa AS, were presented as discontinued operations.

To remind, TechnipFMC has started operating as a unified, combined company following the merger of FMC Technologies and Technip back in January.

Offshore Energy Today Staff

Related news

List of related news articles