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Sembmarine acquires 50% stake in Kanfa Aragon

Sembmarine acquires 50% stake in Kanfa Aragon
Singapore’s Sembcorp Marine has acquired a 50% stake in Kanfa Aragon from Sevan Marine at a price of NOK20m ($2.4m).

A joint venture agreement will be entered into with Holding KA, formed by the existing management and employee shareholders, who hold the other 50% stake in Kanfa Aragon.

Sembmarine will fund the acquisition in cash by internal funds.

Kanfa 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 global floating production, storage and offloading market.

As part of the transaction, Kanfa Aragon will cease to use the name Kanfa within six months after the acquisition, Sembmarine announced to the stock exchange.