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Sembcorp buys 50% stake in Aragon

June 29, 2016

Singapore’s Sembcorp Marine announced that it has acquired 50% interest in Norwegian process design and engineering group KANFA Aragon for NOK 20 million (US$2.3 million), from Sevan Marine ASA.

Sembcorp said 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 six months after the acquisition.

Aragon is an engineering group that delivers overall process solutions to the offshore oil and gas industry with a focus on the floating production, storage and offloading market. 

This acquisition comes after Sembcorp bought additional 44% stake in Bergen-headquartered Gravifloat AS for US$38 million, bringing the firm’s interest in Gravifloat to 56%.

Under the agreement that was inked in March, Sembcorp will eventually increase its stake by a further 44% to 100% through an equity purchase at the same price.

Gravifloat designs and holds patents for a suite of re-deployable, modularized solutions based on its near-shore floating yet gravity-based liquefied natural gas (LNG) terminal solutions.

From initial design, through construction and delivery, to installation and commissioning, Gravifloat offers solutions across the LNG value chain alternatives to existing onshore and floating LNG facilities.

Image: Sembcorp Tuas yard / Sembcorp



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