Norwegian Aker Group has sold its 40.1 stake in shipbuilder Aker Yards for $475.5 million, shareholders were informed Monday.

Foreign owners have bought the bulk of shares for NOK500 a share.

The Kjell Inge Roekke dominated Aker has recently created new oilfield businesses and Norwegian media speculation has posited the new businesses may be in need of growth capital.

"The sale frees up both human competance and financial resources which can be channelled into remaining Aker companies, investments in new activities and long-term industrial development," aker chief exec, Leif-Arne Langoey was quoted by Norwegian E24.no as saying