French oil major Total SA launched an unsolicited $617-million takeover bid for UTS Energy Corp. Tuesday to gain a stake in the delayed Fort Hills oil sands project in Canada.

Total, which already has extensive interests in Alberta's oil sands, said it was bidding $1.30 cash per UTS share, a 51 per cent premium over the small energy developer's share price over the past 30 days on Toronto Stock Exchange.

UTS's main asset is a 20 per cent stake in Fort Hills, the Petro-Canada-operated project that the partners have put on hold after costs ballooned to more than $21-billion last year.

UTS was not immediately available for comment.

Fort Hills is one of more than $90-billion (Canadian) worth of northern Alberta oil sands projects that have been deferred as oil prices fell to around $40 (U.S.) a barrel from a record above $140 last summer.

“This asset will strengthen Total's portfolio in the Athabasca region, comprising principally the Joslyn project and Northern Lights project, that are both located in the immediate vicinity for the Fort Hills project,” Total said in a statement issued late Tuesday.

UTS shares have tumbled 84 per cent in the past year, as project costs rose, oil prices fell and investors questioned the company's ability to finance its share of Fort Hills.

The stock closed down 2 cents (Canadian) at 83 cents in Toronto Tuesday. Total announced its bid after the market closed.