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CEO of Bergen Group and acting CEO of NorYards AS Asle Solheim (to the left) and CEO of Bergen Group Fosen and acting Sales & Marketing Manager of NorYards AS Anders Straumsheim. Image courtesy of Bergen Group.

Norway-based Bergen Group sold its remaining 30 percent stake in NorYards AS for $4 million to Luxembourg-based Calexco.

The sale marks Bergen’s complete exit from shipbuilding.

The transactions is expected to be complete by the end of August 2014.

The sale of Bergen’s minority stake in NorYards, formerly Bergen Group’s shipbuilding division, will generate an accounting loss that will be included in Bergen’s second quarter report.

Later this week, Bergen will finalize the delivery of an advanced offshore vessel, called the North Sea Atlantic, NorYard’s last building project under the direction of Bergen.

The North Sea Atlantic is a multi-purpose construction vessel designed to deliver pipelay, subsea construction and survey projects and will be delivered to Paris-based Technip.

“We now can concentrate completely and fully on the Group’s future growth areas within offshore and maritime related service activities”, Bergen CEO Asle Solheim said.

Calexco is now the sole owner of NorYards AS.

In April, NorYards signed a new building contract with NFDS 2 Offshore for more than $105 million (NOK 650 million).

NFDS 2 Offshore is a subsidy of Norway-based shipping company Det Nordenfjeldske Dampskibsselskap.

The contract is for the outfitting and commissioning of new, modern anchor handling tug supply vessels (AHTS).

The project will be carried out at NorYards Fosen, generating outfitting activity at the yard from the third quarter of 2014 until delivery in the second quarter of 2015.

Calexco is owned by Ukrainian billionaire Kostyantin Zhevago.