OSLO (Thomson Financial) - Prosafe Production Ltd said it has sold its 30.1
percent stake in Teekay Petrojarl ASA to Teekay Corp at a price of 59.00
Norwegian crowns per share, earning it a total of $258 million.
"Prosafe Production holds no shares in Petrojarl following this
transaction," the Norwegian firm said.
"The proceeds of approximately $258 million further strengthen the company's
ability to invest in the growing FPSO market."
While the transaction price is more than 40 percent higher than the price
paid by Prosafe SE for the stake in August 2006, it will result in a book loss
of approximately $55 million for Prosafe Production, the spin-off said.
alastair.reed@thomsonreuters.com
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