Total Sells Stake in GTT

Maritime Activity Reports, Inc.

December 8, 2014

Oil major Total agreed to sell its remaining 10.4% stake in Gaz Transport & Technigaz (GTT), a leading maker of insulated hull linings for tankers that carry liquefied natural gas, to Singapore-based investment group Temasek.

Total had already reduced its shareholding from 30% in February during GTT's IPO. Total said in a statement on Monday that it will have raised more than $650 million overall from the sale of the entire stake.

"With this transaction, Total continues to unlock significant value from its portfolio and to focus on its strategic assets," said Yves-Louis Darricarrere, president of upstream and of gas and power at Total.

(Reporting by James Regan; Editing by Leigh Thomas, Reuters)
 

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