Singapore's Sembcorp Marine Ltd. reported Tuesday that it has acquired a 50 percent equity stake in process solutions and services provider KANFA Aragon AS (Aragon) for $2.36 million (NOK 20 million) from Norway's 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 remaining 50 percent shares in Aragon.
Aragon, who will cease to use the name "KANFA" within 6 months after the acquisition, is a process design and engineering group that delivers overall process solutions and services to the offshore oil and gas industry focusing on delivering customized solutions to the global floating production, storage and offloading market.
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