Norwegian aquaculture equipment supplier Akva exercised the option to acquire the remaining 34 percent shares in Sperre, resulting in full ownership of the ROV (remotely operated vehicle) and subsea technology company.

The current transaction is worth NOK 69.7 million (€6.4 million/$7 million), a consideration linked to Sperre's financial performance in 2017, 2018 and 2019, Akva announced on May 27.

Akva first bought 66 percent of shares in Sperre in 2016, when the company agreed on a mutual option to buy or sell the remaining shares after the approval of Sperre's 2019 accounts.

Last week, Akva acquired Austevoll Rorteknikk, another land-based Norwegian equipment supplier, to strengthen its land-based position in western Norway.

Cancellations of two land-based contracts hit Akva's first quarter earnings earlier this year, despite a small earnings increase in its cage-based technology division.