By the OGJ Online Staff
HOUSTON, Sept. 4 -- Statoil plans to buy the Rasmussen Group's 20% share in the Navion shipping and offshore company for $175.4 million effective Oct. 1.
Statoil will now own all of Navion.
It also was agreed that the Rasmussen group will take over Navion's 50% interest in Rasmussen Maritime Services (RMS).
In connection with this part of the deal, Navion will extend the existing operation agreement for a 5-year period for the ships RMS is responsible for operating.
A previously announced arbitration case is being withdrawn and all unresolved issues between the Rasmussen group, Navion and Statoil have been resolved through this deal.
Erling Øverland, Statoil executive vice president and chairman of Navion's board, said the Navion ownership settlement provides a good basis for the further commercial development of the company.
"We can now look ahead. Statoil's aim is to complete the sale of Navion's floating production and drilling operations, and to implement Statoil's plans to reduce its interests in shuttle tankers and conventional shipping."
Navion owns 50% of the drilling ship West Navion. An agreement on the sale of multi-purpose ships Berge Hugin and Navion Munin already has been concluded.
