Sevan Marine has sold its stake in Norwegian oil firm Kanfa to TechnipFMC.
TechnipFMC had initially bought a 49% share in the company in 2014, but they have now exercised their right to buy the remaining 51% of the shares in the company.
Sevan Marine chief executive Reese McNeel said: “Together with Technip Norge, we have worked to strengthen the KANFA business over the past three years. I am confident that Technip Norge is the right partner to continue this effort and to take KANFA to the next level.
“I would like to thank the management and employees of KANFA for their efforts and dedication over the past years and wish them and Technip Norge all the best for the future.”
TechnipFMC sent a notice to Sevan Marine exercising their option right in accordance with the shareholders agreement, which allowed them to purchase the shares.
The parties have now agreed on terms and conditions for the transaction, which will be booked in the second quarter of 2017.
Sevan Marin estimates an accounting loss of NOK 9.2 million that will be recorded in discontinued operations in relation to the deconsolidation of the Kanfa group.