Stolt Offshore announced today it had completed another sale of non-core business with the disposal of its automatic pipeline welding business, Serimer Dasa.

The operation was bought by an investment fund led by Lime Rock Partners, and will raise some $40m before transaction costs.

Serimer Dasa will continued to provide services to the company’s ships, barges and fabrication yards, however. Chief executive Tom Ehret said the parties had entered into a long-term agreement.

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