Norway's loss-making Sevan Marine has sold its main LNG businesses to Sembcorp Marine of Singapore.
The deal is worth $28m and includes all Sevan's intellectual property, employees, the shares of HiLoad LNG and other assets.
This gives Sembcorp ownership of offshore solutions based on Sevan's cylindrical hull design and HiLoad's offloading and regas technologies
Sevan will be reduced to holding licenses - "with some upside" in the future - and a claim in an ongoing legal battle with Logitel.
It intends to retain its listing in Oslo.
Chairman Erling Overland said: "The agreement is the result of a long process in a challenging situation for the company.
"The board is pleased to enter into an agreement with a reputable industrial partner. We believe the transaction will be in the best interest of Sevan Marine, all of our shareholders, employees and business partners."
Sevan will hand over the cash payment to its shareholders.
Its main owner Teekay, with 43.5%, is backing the deal. It needs a two-thirds majority of investors to vote for it, however.
Sevan CEO Reese McNeel will stay on and the company has the option to retain his services for an additional 12 months from completion.
If the transaction goes through, he will be entitled to receive a success fee of NOK 1.5m ($0.18m).
Other members of the management team will also share NOK 600,000.
The deal would also end the dispute between the two companies filed in Texas.
Sevan estimates an accounting gain from the sale of NOK 220m.
