Sembcorp Marine acquires a 50% stake in KANFA Aragon AS
Sembcorp Marine Ltd has acquired a 50% equity stake in KANFA Aragon AS for NOK 20 million from Sevan Marine ASA. A joint venture agreement will be entered into with Holding KA AS, formed by the existing management and employee shareholders, who hold the other 50% of the shares in Aragon.
It is agreed with Sevan Marine ASA that Aragon will cease to use the name “KANFA” within 6 months after the acquisition.
Aragon is a process design and engineering group that delivers overall process solutions and services to the offshore oil and gas industry with a focus on delivering tailored solutions to the worldwide floating production, storage and offloading market.
The consideration for the Acquisition was arrived at on a willing-buyer willing-seller basis after taking into account the net tangible asset value of NOK 8.89 million of the Sale Shares as at 31 May 2016, and the Group’s broadened engineering capabilities with the acquisition.
The consideration will be fully paid in cash by internal funds.
About Sembcorp Marine
Sembcorp Marine provides innovative engineering solutions to the global offshore and marine industry, drawing upon more than 50 years of track record.