Continental Energy Corp. is selling its 51% stake in Visionaire Energy AS (VEN) for $1.2 million to Visionaire Invest, according to a news release.

VEN is a holding company which in turn owns 49% of VTT Maritime and 41% in RADA Engineering and Consulting, which are both privately owned offshore oil and gas service providers based in Bergen in Norway.

“Greater than projected operating losses from VEN and its partially owned subsidiaries plus the requirement for additional capital investment in VEN and in its subsidiaries led to the company’s decision to sell,” Continental stated. Closure of the sales is expected in November subject to the approval of Continental and Visionaire shareholders at general meetings.