News

Sevan Marine ASA would like to congratulate Dana Petroleum on the achievement of first oil from the Dana Western Isles FPSO. The Sevan Marine based FPSO built in China brings the total number for Sevan Marine cylindrical units operating in the UK North Sea to three, including the Teekay Offshore Partners owned and operated Hummingbird and Voyaguer Spirit FPSOs.

“It is great to see the Western Isles FPSO achieve first oil. A large round of applause goes out to all those who have worked so hard to reach this point,” says Reese McNeel, CEO of Sevan Marine ASA. He continues: “It is exciting to see yet another Sevan Marine cylindrical FPSO working in the North Sea. I am confident that this is just the start of what will be a number of new cost effective, Sevan Marine designed FPSOs in the coming years.”

Sevan Marine ASA is entitled to USD 0.5 per barrel produced and exported from the Western Isles FPSO. Sevan Marine ASA expects to start receiving income in late Q4 2017 or early Q1 2018 depending upon production.

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Sevan Marine ASA is specializing in the design, engineering and project execution of floating units for offshore applications. Sevan Marine ASA is listed on the Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.

 

 

Third quarter 2017 results
Oslo, November 21st 2017, Summary and highlights from Sevan Marine’s third quarter 2017:

  • Operating revenue was NOK 12.8 million in the third quarter and mainly related to engineering activity on the ExxonMobil FLNG, Goliat, Dana Western Isles and HiLoad FRD Regas projects. Adjusted EBITDA, excluding one-off items, was NOK -7.6 million, up from NOK -8.9 million in second quarter.
  • Excluding one-off items, operating costs in the quarter improved a further NOK 1.6 million versus the previous quarter. Total costs, including one-off items, increased by NOK 13.5 million compared to second quarter 2017 to NOK 39.4 million. These costs include NOK 19.0 million related to restructuring, legal fees and an accounting loss related to the Logitel arbitration settlement.
  • A settlement agreement with Logitel Offshore Pte Ltd and Teekay Offshore Partners LP was entered into in October 2017. Sevan Marine ASA received payment of USD 4.5 million (NOK 35.7 million) as full and final settlement of the Fourpartite Agreement dispute.
  • Sevan Marine is in a solid financial position. The company has no interest bearing debt, is in a net cash position of NOK 161.6 million and has an equity ratio of 87 percent.

“In Q3 we were able to maintain stable revenue while continuing to improve our cost base. With the settlement of the Fourpartite Agreement dispute we have also put yet another legacy issue behind us. The company now has both the cost structure and balance sheet to benefit from an improving market.”, says Reese McNeel, CEO of Sevan Marine. 

*  *  *  *  *

Reese McNeel CEO will today at 10:00 CET (Oslo time) host a conference call for investors, analysts and other interested parties.

A Q&A session will follow the presentation and information on how to submit questions to management will be given at the beginning of the Q&A session. To participate to the management presentation of the results, please dial in 5-10 minutes prior to the start time using the numbers and confirmation code below.

Call in numbers:
Norway: +47 2350 0296
International/UK dial in: +44 (0)330 336 9411

The participants will be asked for their name, company and confirmation code. The Sevan Marine confirmation code is: 9008962

Presentation material that will be used during the call is attached and also available at www.sevanmarine.com. The presentation will be in English.

For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186

pdfQ3 2017 Report
pdfQ3 Presentation Materials

*  *  *  *  * 

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations. Sevan Marine is a technology, design and engineering company. The company is developing, designing and delivering cost effective offshore solutions based on its unique cylindrical hull design and the HiLoad LNG offloading and regas technologies.

 

Sevan Marine is scheduled to release its third quarter 2017 financial results on 21 November 2017. A conference call for investors, analysts and other interested parties will be hosted by CEO Reese McNeel the same day at 10:00 CET (Oslo time). Presentation material that will be used during the call will be available at www.sevanmarine.com from 08:00 CET.

A Q&A session will follow the presentation and information on how to submit questions to management will be given at the beginning of the Q&A session. To participate to the management presentation of the results, please dial in 5-10 minutes prior to the start time using the numbers and confirmation code below.

Call in numbers:
Norway: +47 2350 0296
International/UK dial in: +44 (0)330 336 9411

The participants will be asked for their name, company and confirmation code. The Sevan Marine confirmation code is: 9008962

For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186

*  *  *  *  * 

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations. Sevan Marine is a technology, design and engineering company. The company is developing, designing and delivering cost effective offshore solutions based on its unique cylindrical hull design and the HiLoad LNG offloading and regas technologies.

 

Reference is made to the related press release from October 9, 2017. Sevan Marine has decided to appeal the Oslo District Court decision in relation to the USD 60 million loan granted to Logitel Offshore Pte Ltd.

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Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.

 

 

 

 

 

 

Sevan Marine ASA has entered into a settlement agreement with Logitel Offshore Pte. Ltd and Teekay Offshore Partners LP with respect to the disputed Fourpartite Agreement which was the subject of an ongoing arbitration process.

Logitel Offshore Pte. Ltd and Teekay Offshore Partners LP will pay Sevan Marine ASA USD 4.5 million (NOK 35 million) as full and final settlement of the arbitration dispute. Payment is expected in the coming days.

“Receiving USD 4.5 million in cash and being able to put yet another legacy issue behind us is a very positive development” said Sevan Marine’s CEO Reese McNeel

The settlement will lead to an approximate NOK 12 million accounting loss for Sevan Marine ASA in Q3 2017.

*******

Sevan Marine ASA is specializing in the design, engineering and project execution of floating units for offshore applications. Sevan Marine ASA is listed on the Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.

 

 

Sevan Marine ASA are excited to announce that our Oslo office has moved to new premises at Lysaker Torg 12. Our other contact details remain unchanged. We are looking forward to welcoming you to our new building!

     

 

The Oslo District Court has ruled against Sevan Marine ASA's subsidiary Sevan Holding V AS in relation to the USD 60 million loan granted to Logitel Offshore Pte Ltd. Sevan Marine ASA is considering appealing the decision. The deadline for appeal is in 1 month. 

*******

Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:
Reese McNeel, CEO, Sevan Marine This email address is being protected from spambots. You need JavaScript enabled to view it.
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186 

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.

 

Reese McNeel represented Sevan Marine at the Pareto Securities Oil and Offshore Conference 2017.

Kindly see enclosed Pareto presentation.

 

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations. Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

Oslo, 29 August 2017, Summary and highlights from Sevan Marine’s second quarter 2017:

* Operating revenue for continued operations was NOK 13.1 million in the second quarter, up from NOK 12.1 million in the first quarter 2017. The increase was due to improved engineering activity in the quarter, and related to work on the ExxonMobil FLNG, Goliat and Dana Western Isles projects.

* Operating costs decreased by NOK 2.8 million versus first quarter 2017 to NOK 25.9 million and includes one-off costs of NOK 3.9 million related to restructuring and legal fees. EBITDA ended negative at NOK 12.9 million.

* The Norwegian tax office reversed their decision and will no longer pursue the adjustment of the 2012 tax assessment. In accordance with this decision, Sevan Marine has been paid back NOK 32.0 million including interest. A related accrual of NOK 9.2 million for penalty tax was also reversed in the quarter, and Sevan Marine is continuing to pursue the recovery of legal fees incurred with respect to this case. 

* Net profit from continued operations came to NOK 26.8 million for the second quarter. 

* Completed the sale of Sevan Marine’s remaining 51% stake in KANFA AS to Technip Norge AS. The net effect of the transaction was a loss of NOK 9.2 million related to discontinued operations. 

* Sevan Marine is in a solid financial position, with a net cash position of NOK 179.1 million and an equity ratio of 90 percent.

“The Q2 figures reflects increased activity for continued operations and achievement of cost reduction initiatives, in addition to a successful closure of the 2012 legacy tax case. Our main focus going forward is to continue developing relationships with prioritized clients, prospects and industry segments where Sevan Marine’s cost efficient circular hull design provides superior performance”, says Reese McNeel, CEO of Sevan Marine. 

*  *  *  *  * 

Reese McNeel CEO will today at 10:00 CET (Oslo time) host a conference call for investors, analysts and other interested parties.

A Q&A session will follow the presentation and information on how to submit questions to management will be given at the beginning of the Q&A session. To participate to the management presentation of the results, please dial in 5-10 minutes prior to the start time using the numbers and confirmation code below.

Call in numbers:

Norway: +47 2350 0501
International/UK dial in: +44 (0)330 336 9414

The participants will be asked for their name, company and confirmation code. The Sevan Marine confirmation code is: 8193144

Presentation material that will be used during the call is attached and also available at www.sevanmarine.com. The presentation will be in English.

For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186


pdfQ2 2017 Report
pdfQ2 Presentation Materials

*  *  *  *  * 

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations. Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

Sevan Marine is scheduled to release its second quarter and first half 2017 financial results on 29 August 2017. A conference call for investors, analysts and other interested parties will be hosted by CEO Reese McNeel the same day at 10:00 CET (Oslo time). Presentation material that will be used during the call will be available at www.sevanmarine.com from 08:00 CET.

A Q&A session will follow the presentation and information on how to submit questions to management will be given at the beginning of the Q&A session. To participate to the management presentation of the results, please dial in 5-10 minutes prior to the start time using the numbers and confirmation code below.

Call in numbers:
Norway: +47 2350 0501
International/UK dial in: +44 (0)330 336 9414

The participants will be asked for their name, company and confirmation code. The Sevan Marine confirmation code is: 8193144

For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186

*  *  *  *  *

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations. Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

This stock exchange announcement is made pursuant to the Continuing Obligations of the Oslo Stock Exchange section 3.4 (extended announcement). Reference is made to Sevan Marine ASA's ("Sevan Marine" or the "Company") previous announcement on 13 June 2017. Reference is further made to the Company's fourth quarter report issued 21 February 2017, in which Sevan Marine informed that it had received a formal notification from Technip Norge AS ("Technip Norge") of their intention to exercise the option to buy the Company's remaining 51% shareholding in KANFA AS ("KANFA").

The parties have now agreed on all terms and conditions for the transaction, and Sevan Marine has sold its shares in KANFA to Technip Norge for NOK 2.0 million.

The transaction is complete and will be booked in second quarter 2017. Sevan Marine estimates an accounting loss of NOK 9.2 million that will be recorded in discontinued operations in relation to the deconsolidation of the KANFA group.

Parties to the transaction, transaction structure and consideration

Prior to the transaction, KANFA was owned 51% by Sevan Marine and 49% by Technip Norge. The shareholders' agreement between the parties contains an option for Technip Norge to purchase the shares held by Sevan Marine in KANFA. In January, Technip Norge sent a notice to Sevan Marine exercising their option right in accordance with the shareholders' agreement. The signing of the final transaction documentation and completion of the transaction occurred simultaneously on 13 June 2017.

As the transaction is based on the exercise of the pre-agreed option, Sevan Marine and Technip Norge have entered into a short-form sale and purchase agreement to effect the transfer. The agreement contains customary terms for a transaction between joint venture partners in the Norwegian market. In addition, Technip Norge has undertaken to release and indemnify Sevan Marine from any liabilities under certain guarantees related to the operations of KANFA.

The consideration was NOK 2.0 million, all of which was paid in cash on closing.

Significance of the transaction for Sevan Marine

The transaction simplifies the Company's group structure and is one of the final steps in the Company's restructuring process, leaving the Company with the core business segment Floating Production. It also removes the risks and uncertainty factors related to financial support and guarantees given to KANFA. The impacts on the Company's earnings or profitability are not material.

Agreements to the benefit of board members or management in Sevan Marine or KANFA 

Pursuant to an agreement between the Company and Mr. Carl Lieungh, the chairman of the board of directors of KANFA immediately prior to closing, Mr. Lieungh shall be paid 50% of the purchase price of NOK 2.0 million. The Company is not aware of any other agreements entered into, or that are planned to be entered into, in connection with the transaction for the benefit of senior employees or members of the board of directors of the Company or for the senior employees or board of directors of KANFA.

***

For further information, please contact:
Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186

Additional information about KANFA 

The KANFA group is an independent process house and offshore project execution specialist within the oil & gas industry. The KANFA group delivers complete process topside EPC contracts, modules, packages, equipment, FEED studies and other offshore services such as troubleshooting, revamp and optimization studies.

The KANFA group consists of the parent company KANFA AS which owns 54.3% of the shares in KANFA Ingenium Process AS and 100% of the shares in KANFA South East Asia Sdn Bhd.

Immediately prior to closing, KANFA's board of directors consisted of four individuals. The names and positions of the board of directors of KANFA are set out in the table below.

Name

Position

Carl Lieungh

Chairman

Knut Brovoll-Bø

Board Member

Odd Strømsnes

Board Member

Reese McNeel

Board Member

 

Immediately prior to closing, KANFA's management team consisted of two individuals. The names of the members of the management of KANFA, and their respective positions, are presented in the table below:

Name

Position

Aslak Hjelde

CEO

Aleksander Bugge

CFO


As at the date of this announcement, KANFA's share capital is NOK 500,000, divided into 1,000 shares, each share having a par value of NOK 500.

KANFA has a total of approximately 43 employees (including subsidiaries) as of the date of this announcement.

Please find below certain key consolidated financial figures (all in NOK million):

 

 Year ended 31 December

In NOK million

2016

2015

2014

(audited)

(audited)

(audited)

Revenue

233.8

404.4

157.2

Profit

15.7

-10.1

-21.0

Assets

86.7

184.5

137.1

Liabilities

65.1

178.5

120.9


Source: KANFA group annual reports for 2015 and 2016

Off-balance sheet arrangements:

KANFA group has a NOK 190 million financing facility related to guarantees, overdraft support and foreign exchange. The amount drawn on this facility at year-end 2016 was NOK 26.3 million and relates to guarantees to customers.

***

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

As announced on January 19, 2016, Sevan Marine received a decision from Skatt Sør (Norwegian tax authorities) that the tax assessment for 2012 was adjusted for certain deductions related to losses on intra-group receivables following the sale of FPSO Hummingbird during the 2011-2012 restructuring.

Sevan Marine accrued for the full amount of the potential additional tax, interest and penalty tax in December 2015 of NOK 40.9 million. The additional tax and interest of NOK 31.7 million was paid in February 2016.

Sevan Marine disputed the tax office’s assessment. The tax office has now informed Sevan Marine that they will reverse their decision and no longer pursue the adjustment of the 2012 tax assessment.

In accordance with this decision, Sevan Marine will be paid back the NOK 31.7 million paid in February 2016 plus interest. The remaining accrual in the accounts of NOK 9.2 million for penalty tax will also be reversed in Q2 2017. Sevan Marine will further pursue the reimbursement of expenses incurred in disputing this case.

“We are very pleased that the tax authorities have agreed to no longer pursue this matter. This decision will lead to a positive NOK 40.9 million accounting gain and a cash reimbursement of over NOK 31.7 million.” says Reese McNeel, CEO of Sevan Marine ASA.

*******

Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186 

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.

With reference to Sevan Marine’s fourth quarter report issued 21 February 2017, Sevan Marine informed that the company had received a formal notification of Technip Norge’s intention to exercise their option to buy Sevan Marine’s remaining 51% shareholding in KANFA AS.

The shareholders' agreement between the parties contains an option for Technip Norge to purchase the shares held by Sevan Marine in KANFA. In January, Technip Norge sent a notice to Sevan Marine exercising their option right in accordance with the shareholders' agreement.

The parties have now agreed on all terms and conditions for the transaction and Sevan Marine sells its shares in KANFA AS to Technip Norge for NOK 2.0 million.

The transaction is complete and will be booked in second quarter 2017. Sevan Marine estimates an accounting loss of NOK 9.2 million that will be recorded in discontinued operations in relation to the deconsolidation of the KANFA Group.

“Together with Technip Norge, we have worked to strengthen the KANFA business over the past three years. I am confident that Technip Norge is the right partner to continue this effort and to take KANFA to the next level. I would like to thank the management and employees of KANFA for their efforts and dedication over the past years and wish them and Technip Norge all the best for the future”, says Reese McNeel, CEO of Sevan Marine ASA.

*******

Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186 

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.

Sevan Marine ASA has today on May 24, 2017, held its Annual General Meeting. All the proposals from the Board of Directors to the General Meeting were approved. Attached to this announcement are the minutes of the Annual General Meeting in Norwegian and translation into English.

THE BOARD OF DIRECTORS
The shareholder-elected members to the Board of Directors, elected by the General Meeting for a period of one year, are:

Erling Øverland (Chairman, re-elected)
Peter Lytzen (Director, re-elected)
Ingvild Sæther (Director, re-elected)
Kathryn M. Baker (Director, re-elected)
Torstein Sanness (Director, new)

pdf 172405_Sevan_Marine_ASA-Minutes_AGM.pdf

*******

Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186 

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.

(Oslo, 23 May 2017) Sevan Marine reported revenue for continued operations in the first quarter 2017 of NOK 12.1 million, as the company continued to support two cylindrical FPSO developments for the UK Continental Shelf, one cylindrical FLNG project for ExxonMobil and delivered engineering support for the Goliat project in the Barents Sea.

In the quarter, Sevan Marine entered into a long term framework agreement with ExxonMobil for the provision of services and use of Sevan Marine's cylindrical hull technology. The company has worked with ExxonMobil since 2015, when Sevan Marine was awarded a feasibility study to explore the use of its cylindrical hull technology for a FLNG development. The first work order under this new agreement has been issued for approximately 5,000 hours of engineering support to be completed in 2017.

"We are delighted to have secured this long term frame agreement with ExxonMobil. It is a further milestone in the development of Sevan Marine, our cylindrical hull design and its engineering capabilities," says Reese McNeel, CEO of Sevan Marine ASA.

Sevan Marine continued to reduce its cost base in line with the reduction in the activity level. A further restructuring charge of NOK 3.7 million affected this quarter’s earnings and EBITDA for continued operations was negative NOK 16.7 million.

The company is in a solid financial position, with a net cash position of NOK 152.3 million and an equity ratio of 66 percent.

The main focus going forward is to continue to develop relationships with large oil companies to promote the proven Sevan Marine design, our specialty marine engineering services and to be well positioned to take advantage of opportunities in an improving market.

Reese McNeel CEO will today at 10:00 CET (Oslo time) host a conference call for investors, analysts and other interested parties.

A Q&A session will follow the presentation and information on how to submit questions to management will be given at the beginning of the Q&A session. To participate to the management presentation of the results, please dial in 5-10 minutes prior to the start time using the numbers and confirmation code below.

Call in numbers:
Norway: +47 2100 2610
International/UK dial in: +44 (0)330 336 9105

The participants will be asked for their name, company and confirmation code. The Sevan Marine confirmation code is: 4167505.

Presentation material that will be used during the call is attached and also available at www.sevanmarine.com. The presentation will be in English.

For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186

pdfQ1 2017 Report
pdfQ1 Presentation Materials

*******

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.

Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

Sevan Marine is scheduled to release its first quarter 2017 financial results on 23 May 2017.
A conference call for investors, analysts and other interested parties will be hosted by CEO Reese McNeel the same day at 10:00 CET (Oslo time).
Presentation material that will be used during the call will be available at
www.sevanmarine.com from 08:00 CET.

A Q&A session will follow the presentation and information on how to submit questions to management will be given at the beginning of the Q&A session.
To participate to the management presentation of the results, please dial in 5-10 minutes prior to the start time using the numbers and confirmation code below.

Call in numbers:
Norway: +47 2100 2610
International/UK dial in: +44 (0)330 336 9105

The participants will be asked for their name, company and confirmation code. The Sevan Marine confirmation code is: 4167505 

For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186

*****

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations. Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.
 

Please find attached the revised proposal from the Nomination Committee.

 pdfTilleggsinnstilling-fra-valgkomiteen-18-may-2017_NOR

 pdfRevised-proposal-from-the-Nomination-Committee-May-18-2017_ENG


*******

Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:

Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186 

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.

 

The Board of Directors of Sevan Marine ASA has convened the Annual General Meeting in Sevan Marine ASA on Wednesday 24 May 2017, at 10:00 a.m. (CET) at the Company's offices in Verkstedveien 3, 0277 Oslo, Norway.

Attached as appendices to this announcement are (in Norwegian and translation into English):

- Notice of the Annual General Meeting

- Attendance slip and proxy form

- The Board’s proposal for the resolutions to be passed

- Proposal from the Nomination Committee

- Statement from the Board of Directors regarding determination of salary and other benefits for Senior Management

- Information to the shareholders regarding the Annual General Meeting

 pdf170503_Notice_materials_NOR_ENG

*******


Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.

 

Please find attached the Annual Report 2016 for Sevan Marine ASA.


 pdfAnnual Report 2016

*******

Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its cylindrical floater technology.
Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to
www.sevanmarine.com.
For more information please contact:

Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186 

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.

 

http://www.barentshavkonferansen.no/konferanse.html

Please meet us at stand 19A.


Sevan Marine ASA through its subsidiary HiLoad LNG AS has entered into a cooperation agreement with Fluor Corporation (NYSE: FLR) for global projects that use HiLoad’s floating regasification dock (FRD) liquefied natural gas (LNG) technology.

“We are proud to announce the cooperation with Fluor,” said Sevan Marine’s CEO Reese McNeel. “This is a strong acknowledgement of the development work done by HiLoad LNG to introduce a cost-efficient technology for LNG regasification and LNG transfer applications. The agreement will grow our businesses by complementing each company’s strengths for unique customer solutions for floating LNG storage and regasification units. We are excited to start working with Fluor and look forward to exploring the opportunities in the regasification market that this agreement creates.”

“This agreement gives us the capability to evaluate and deliver both marine- and land-based LNG storage and regasification solutions,” said Pierre Bechelany, senior vice president of pipelines and LNG for Fluor. “Our industry-leading global sourcing and fabrication yard capabilities, including our COOEC-Fluor Heavy Industries joint venture fabrication yard in China, allow us to uniquely deliver capital efficiency and schedule certainty to the LNG marketplace. With this agreement, we can better deliver those results to the floating LNG storage and regasification market.”

The FRD technology provides a competitive alternative to conventional units and is applicable to floating LNG receiving, storage, trans-shipment and regasification terminals. The FRD solution is applicable for facilities that deliver 50 to more than 400 million standard cubic feet-per-day of gas and allows for use of a conventional LNG carrier as the floating storage unit with a minimum of modifications and installation costs. LNG regasification systems may be kept offshore, without the requirement for port facilities, while maintaining operation during challenging weather and ocean conditions.

*******

Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to
www.sevanmarine.com.

For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186 


Sevan Marine ASA has agreed a settlement with Piranema LLC in relation to ANP fines incurred to date. As previously communicated Sevan Marine provided Piranema LLC with an indemnity against such fines in conjunction with the 2011 restructuring and sale of the FPSO Piranema.

Sevan Marine will pay Piranema LLC an amount of USD 3 million to settle the fines and related expenses incurred to date. Sevan Marine will remain liable for any future claims. Neither Sevan Marine nor Piranema LLC are aware of any pending or future claims at this time.

Sevan Marine has accounted for and accrued for such costs in its financial accounts with USD 3.7 million. The settlement will lead to a USD 3 million reduction in Sevan Marine’s cash balance per the end of Q1 2017 and an accounting financial gain in the range of USD 0.7 million in the quarter.

*******

Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:

Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.

Sevan Marine ASA is pleased to announce that it has entered into a long term framework agreement with ExxonMobil for the provision of services and use of Sevan Marine’s cylindrical hull technology.

Sevan Marine has worked with ExxonMobil since 2015, when the company was awarded a feasibility study to explore the use of Sevan Marine’s cylindrical hull for a FLNG development. Sevan Marine is currently working on a follow up study focusing on the hull and marine aspects of Sevan Marine’s unique cylindrical design.

The total value of the framework agreement is subject to the calling off of individual orders. Sevan Marine expects the first order under this agreement, involving the continuation of engineering and FLNG design work, to be called off later in February.

We are delighted to have secured this long term frame agreement with ExxonMobil. It is a further milestone in the development of Sevan Marine, its cylindrical hull design and its engineering capabilities. We look forward to continuing to support ExxonMobil in the years to come,” says Reese McNeel, CEO of Sevan Marine ASA. He continues: “Sevan Marine has received substantially increased interest in its unique design from several oil companies over the last months and the company believes this is a reflection of a changing market place, increased willingness of large oil companies to consider different technologies and Sevan Marine’s own business development efforts”.

*******

Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:

Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.

SEVAN MARINE ASA - Fourth quarter 2016 results

Sevan Marine reported revenue for continued operations in the fourth quarter 2016 of USD 2.2 million, as the company continued to support two cylindrical FPSO developments for the UK Continental Shelf, one cylindrical FLNG project for a US Major and delivered engineering support for the Goliat project in the Barents Sea.

Sevan Marine continued to reduce its cost base with further headcount reductions and management changes implemented. A restructuring charge of USD 1.0 million
affected this quarter’s earnings and EBITDA was negative USD 1.4 million (negative USD 0.9 million last quarter).

 
The company is in a solid financial position, with a net cash position of USD 24.8 million and an equity ratio of 60 percent.

The main focus going forward is to continue to develop relationships with large oil companies to promote the proven Sevan Marine design, our specialty marine engineering services and to be well positioned to take advantage of opportunities in an improving market.

Reese McNeel CEO will today at 10:00 CET (Oslo time) host a conference call for investors, analysts and other interested parties.

A Q&A session will follow the presentation and information on how to submit questions to management will be given at the beginning of the Q&A session. To participate in the management presentation of the results, please dial in 5-10 minutes prior to the start time using the numbers and confirmation code below.

Call in numbers:

Norway: +47 2350 0296

International dial in: +44 (0)330 336 9411

The participants will be asked for their name, company and confirmation code.

The Sevan Marine confirmation code is: 6261109.

Presentation material that will be used during the call is attached and also available at www.sevanmarine.com. The presentation will be in English.

For more information please contact:

Reese McNeel, CEO, Sevan Marine ASA

This email address is being protected from spambots. You need JavaScript enabled to view it.

+47 415 08 186

pdfQ4 2016 Report
pdfQ4 Presentation Materials

*  *  *  *  *  *  *  *  *  *  *

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.

Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

 


Sevan Marine is scheduled to release its fourth quarter 2016 financial results on 21 February 2017. 

A conference call for investors, analysts and other interested parties will be hosted by CEO Reese McNeel the same day at 10:00 CET (Oslo time).
Presentation material that will be used during the call will be available at www.sevanmarine.com from 08:00.

A Q&A session will follow the presentation and information on how to submit questions to management will be given at the beginning of the Q&A session.
To participate to the management presentation of the results, please dial in 5-10 minutes prior to the start time using the numbers and confirmation code below.

Call in numbers:

Norway: +47 2350 0296
International dial in: +44 (0)330 336 9411
The participants will be asked for their name, company and confirmation code.
The Sevan Marine confirmation code is: 6261109.

For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
This email address is being protected from spambots. You need JavaScript enabled to view it.
+47 415 08 186


Presentation Materials Third Quarter 2016

Please find attached the presentation materials for the presentation of the Third Quarter 2016 results to be given today.

The presentation will also be broadcasted LIVE on www.sevanmarine.com. It is recommended that you log on to the webcast 5 minutes in advance of the presentation.

If you wish to call-in to listen to the presentation, please find the call-in details attached.

pdfPresentation materials Q3 2016

pdfCall in Details

* * * * * *

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.

Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:

Carl Lieungh, CEO, Sevan Marine ASA (Media)
+47 37 40 40 00 office

Reese McNeel, CFO, Sevan Marine ASA (Analysts)
+47 37 40 40 00 office


Main events and developments, Third Quarter 2016

  • Focus on UK sector FPSO prospect and FLNG study with oil major
    Sevan Marine has continued to provide engineering support for the UK sector FPSO prospect during the quarter. Sevan Marine will continue to support the project through 2016 and 2017. Payments under the License Agreement remain subject to the field developers’ final investment decision and start of construction of the unit, which is now expected late 2017.

    The FLNG feasibility study for a specific FLNG field development with a US oil major continued during the quarter and is expected to run through the end of 2016. Sevan Marine expects that the project will continue through 2017.

  • Continued work on existing projects
    Sevan Marine continued to provide engineering and site support services for the Goliat, Logitel Offshore and Dana Western Isles projects. Work on the Logitel Offshore project ended in Q3 2016 as the construction contracts with the yard in China have been cancelled. The work for Sevan Marine on the Goliat project is declining and expected to finish in the coming months with the vessel now successfully producing in the Barents Sea.

    Sevan Marine is entitled to a variable license fee linked to production with respect to the Dana Western Isles project. Sevan Marine continues to support the construction of the vessel at the COSCO yard in China, and Dana has announced that the FPSO will not commence production before the second half of 2017.

  • Progress on new developments
    Sevan Marine continued to work on new applications for its cylindrical technology, including participating in the Clean Electricity Production from Offshore Natural Gas (CEPONG) study being supported by the Scandinavian research institute SINTEF and other industrial partners. The CEPONG study includes evaluating the use of a cylindrical hull as an offshore natural gas power plant with CO2 capture and reinjection.

    Sevan Marine also continued development work on its ultra-deepwater application using steel catenary risers (SCRs). Sevan Marine hopes to obtain approval to use its unique cylindrical design with steel catenary risers as a non-disconnectable FPSO with the ability to retain cargo during a Hurricane. This would be a first in the US Gulf of Mexico and Sevan Marine believes it will provide a substantially cheaper solution compared to the disconnectable, turret based solutions used today.

  • Increased study activity
    The industry focus on cost-effective solutions and increased acceptance of the Sevan Marine cylindrical design is leading to increased early phase study work. During the quarter, Sevan Marine was awarded a study from OMV Norge AS to evaluate the Sevan Marine cylindrical hull design for application on the Wisting field development in the Barents Sea. In addition, Sevan Marine completed a study for an oil major regarding the use of the Sevan Marine design for a gas development in the Caribbean.

    The Sevan Marine cylindrical design is widely seen by oil majors around the world as a credible and proven alternative to other floating installation designs. The inherent advantages are well understood. Amongst these are excellent motion characteristics, lower operating costs, high deck load capacity, large storage space and substantial lower construction cost compared with alternatives when a turret is needed. Sevan Marine remains optimistic that the increased industry focus on cost-effective solutions will continue to lead to increased study work for the Company as the market improves.

  • Further cost reductions
    In order to align the organization with the expected lower activity in the industry in 2017, further cost reduction initiatives were started in Q3. An additional headcount reduction of 10 to 15 people will be carried out in Q4 2016. A change in leadership was announced in October 2016 which will take effect from January 01, 2017 with the CEO Carl Lieungh stepping down and the current CFO Reese McNeel assuming the role as CEO and CFO. As a result of these restructuring measures, the Company will take a one-off restructuring charge in Q4 2016 in the range of USD 1.0 to 1.5 million. The Company has taken substantial cost reduction measures over the past 24 months including reductions in staff and overhead cost of more than 50 percent.

  • HiLoad
    HiLoad LNG continued the marketing and development of both the HiLoad LNG offloading system for FLNG and the Floating Regas Dock (“FRD”) for small scale regasification projects. With respect to the FRD, initial Pre-FEED work for the Vires Energy Corporation project in the Philippines was completed in Q2 2016. HiLoad LNG is currently in discussions with Vires regarding future cooperation. The FRD has attracted substantial interest. The FRD is a cost effective alternative to standard FSRU solutions, particularly for small scale regasification projects.

  • Positive Performance of KANFA
    The KANFA group saw improved results in the quarter driven by further recognition of margin on the USD 50 million OCTP project from Yinson Production. Workload across the KANFA group declined during the quarter with projects now completed and limited new work coming in.

  • Logitel Offshore
    We refer to the Q2 2016 earnings release and comments made regarding the circumstances surrounding the legality and potential claims in relation to the Logitel Offshore Agreements. Sevan Marine is dedicated to seeking the best outcome for the Company and its shareholders.

    In this regard, Sevan Marine has commenced legal action against Logitel Offshore Pte Ltd claiming payment of approximately USD 60 million in relation to the Logitel loan, and in parallel has commenced arbitration against both Logitel Offshore Pte Ltd and Teekay Offshore Partners LP claiming payment of an amount of approximately USD 10 million in relation to the Fourpartite Agreement. Sevan Marine reserves the right to, at any time, pursue other involved parties. Agreements suspending time-bar limitations have been entered into with such involved parties.

    The outcome of this situation, any potential recovery of value and the timing of such recover remains uncertain. As such, there remains material uncertainty regarding both the amount and timing of any payments in relation to the Logitel agreements.

  • Dividend policy
    The Board has communicated an intention to pay a dividend depending upon developments. Given the uncertain market outlook, and the unresolved situation with regard to Logitel, no extraordinary dividend is planned for 2016.

Main Figures, Third Quarter 2016
(Previous quarter figures in brackets)

Operating revenue for the third quarter 2016 was USD 5.1 million (USD 16.9 million). EBITDA was negative USD 0.8 million (negative USD 0.3 million), and operating loss was USD 0.8 million (loss of USD 0.4 million). Net profit was USD 0.4 million (loss of USD 11.6 million). EBITDA is positively impacted by results in the Topside and Process segment where further margin on the OCTP project has been recognized in the quarter. The net profit in the quarter is positively impacted by book gains on currency holdings and the reversal of a historical tax provision related to the completion of the Goliat project.

As of Q3 2016, cash and cash equivalents amounted to USD 27.0 million (USD 31.7 million). The change in cash and cash equivalents is largely attributable to working capital changes in the Topside and Process segment as well as continuing operating losses. It is expected that the working capital change in the Topside and Process segment will improve in Q4 2016 when further project milestone payments are expected to be received. Floating Production cash flow is expected to remain negative for the coming quarters due to ongoing operating losses and further restructuring charges driven by a lack of sufficient work load and license fees.

The equity ratio was 57.4 percent as of September 30, 2016 (51.3 percent).

Outlook

  • Sevan Marine continues to face a difficult market with many of its key prospects being further delayed in Q3. 2016 and 2017 will be challenging years. The Board is of the opinion though that the increased focus on cost effective solutions in the petroleum industry will be favourable for the Company in the medium to longer term. Floating units based on Sevan Marine’s technology represent inherent advantages. Amongst these are excellent motion characteristics, lower operating costs, high deck load capacity, large storage space and substantial lower cost compared with alternatives when a turret is needed.

  • In the Floating Production Segment, work on the Dana Western Isles and UK sector FPSO projects is expected to continue through 2016 and 2017. Sevan Marine is expecting the variable license fee related to the Dana Western Isles project to start generating revenue from late 2017 while any license fee on the UK sector FPSO opportunity is also now expected late 2017. Sevan Marine expects that it can secure further feasibility study work in 2017 particularly in relation to the FLNG project with the U.S. oil major and Barents Sea opportunities.

  • Sevan Marine is hopeful that the Vires Energy Corporation Project in the Philippines will proceed with further FEED and follow-up work related to the FRD provided by HiLoad during 2017 and that the high interest in the FRD will materialize into further revenue in 2017.

  • In the Topside and Process segment, KANFA AS does not expect to be awarded any substantial process package awards in 2016 given the low market activity. KANFA is tendering on several projects which may lead to additional work from 2017. Cost reduction measures are being taken as workload is insufficient. Sevan Marine is considering its strategic options with respect to its investment in KANFA AS.

  • Sevan Marine has received substantially increased interest in its unique design from many, high quality, global oil and gas majors. Sevan Marine believes this is a reflection of the changing market place, increased willingness of oil majors to consider different technologies and Sevan Marine’s own business development efforts.

  • Sevan Marine is confident given its unique cost effective solutions, the increased market interest, its solid cash position and cost reduction plans that it has the resources and ability to successfully weather the current slowdown in activity and to regain profitability in years to come.

  • Sevan Marine is focussing its efforts on independently developing, marketing and supporting the execution of projects based on its unique designs and engineering competence. In doing such, the Company is seeking to work with industry leading partners to further promote and develop its designs and concepts.


Read more in the attached report.

Carl Lieungh (CEO) and Reese McNeel (CFO) will today at 10:00 a.m. (CET) give a presentation of the results at the Company’s premises, Skøyen, Verkstedveien 3, 0277 Oslo.

The presentation will be in English.

The presentation will also be broadcasted LIVE on www.sevanmarine.com.

It is recommended that you log on to the webcast 5 minutes in advance of the presentation.

If you wish to attend the presentation in Oslo, please confirm by email: This email address is being protected from spambots. You need JavaScript enabled to view it.

If you wish to call-in to listen to the presentation, please find the call-in details attached.

pdfQ3 2016 Report

pdfCall in Details


*  *  *  *  *  *  *  *  *  *  *

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.

Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:
Carl Lieungh, CEO, Sevan Marine ASA (Media)
+47 37 40 40 00 office

Reese McNeel, CFO, Sevan Marine ASA (Analysts)
+47 37 40 40 00 office

Sevan Marine ASA informs that the results for the Third Quarter of 2016 will be published on November 9, 2016, at 8:00 a.m. (CET).

Read more ...

The financial calendar 2017 for Sevan Marine ASA is as follows:

Read more ...

CEO Carl Lieungh and the Board of Directors of Sevan Marine ASA ("Sevan Marine" or the "Company") have agreed that Carl Lieungh will step down as CEO effective 01 January 2017. The Board has appointed the current CFO, Reese McNeel, as the new CEO of Sevan Marine.

Read more ...

pdfPresentation materials Pareto Conference 2016.pdf

Read more ...

Read more ...

 

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Sevan Marine is pleased to announce that it has been awarded a study to evaluate its cylindrical hull design for application on the Wisting field development. The study is awarded by OMV Norge AS who is screening various floating alternatives for developing the Wisting discovery. The study completion is by year end 2016.

Read more ...

Please visit us at the GCE NODE stand #922, Hall 9. For further information, please follow this link: www.sevanmarine.com/ons2016

Read more ...

Please find attached the presentation materials for the presentation of the Second Quarter 2016 results to be given today.

Read more ...

Main events and developments, Second Quarter 2016

Read more ...

Sevan Marine ASA informs that the results for the First Half of 2016 will be published on August 25, 2016, at 8:00 a.m. (CET).

Read more ...

We refer to the Q2 2016 earnings release of Teekay Offshore Partners (“Teekay”) on August 04, 2016 and the announcement of the cancellation of the shipyard contracts for the two remaining Logitel Offshore units.

Read more ...

Sevan Marine will present their Permanently Moored FPSO technology at the Global FPSO forum, Galveston, August 30, 2016
 
For more information please visit www.globalfpso.com

Sevan Marine ASA is pleased to announce the disposal of its 50% stake in KANFA Aragon AS to Sembcorp Marine Ltd. for cash consideration of NOK 20 million. The transaction was completed and funds received today, June 28, 2016.

Read more ...

 

Read more ...

Sevan Marine ASA has today on May 25, 2016, held its Annual General Meeting. All the proposals from the Board of Directors to the General Meeting were approved. Attached to this announcement are the minutes of the Annual General Meeting in Norwegian and translation into English.

Read more ...

Please find attached the presentation materials for the presentation of the First Quarter 2016 results to be given today.

Read more ...

Main events and developments, First Quarter 2016

Read more ...


Reference is made to the Stock Exchange notice of 23 May 2016 regarding Revised composition of the Board of Directors.

Read more ...

Under a program organized by the Research Partnership to Secure Energy for America (RPSEA), Doris Inc., the Offshore Technology Research Center (OTRC) at Texas A&M University and Sevan Marine have carried out further research and model scale testing of  Sevan Marine’s cylindrical hull for application in GOM ultra deep water. The model tests at OTRC confirm the favorable motion characteristics of the Sevan Marine design enabling the application of with Steel Catenary Risers (SCR) and permanent mooring in even the harshest hurricane conditions. Several major oil companies attended the Industry Day held on Wednesday, May 11, 2016 further highlighting the keen interest which exists in the market for Sevan Marine’s cylindrical design.

Read more ...

Reference is made to the proposal disclosed 28 April 2016 from the Nomination Committee regarding election of board members at Sevan Marine ASA's (the "Company") annual general meeting to be held 25 May 2016 (the "AGM").

Read more ...

We refer to the comments made in our Q4 2015 earnings release of February 24, 2016 and the 2015 Annual Accounts released on April 29, 2016 regarding the review of the circumstances surrounding and the legality of the Logitel Offshore agreements.

Read more ...

Sevan Marine ASA informs that the results for the First Quarter of 2016 will be published on May 25, 2016, at 8:00 a.m. (CET).

Read more ...


HiLoad PLS w Aerial LNG Flexibles from TechnipHiLoad LNG AS, a subsidiary of Sevan Marine ASA, and Technip presented together this year the HiLoad LNG Parallel Loading System (PLS) at OTC. This system utilizes the HiLoad LNG unit for station keeping and Technip’s cryogenic flexible aerial pipes to transfer LNG from a FLNG unit (either a Sevan Marine Cylindrical unit or ship shaped FLNG) to a fully conventional LNGC with no modifications necessary.

Read more ...

Reference is made to the paid FLNG feasibility study announced in Q3 2015 for the use of Sevan Marine’s cylindrical hull for a specific FLNG development. Sevan Marine is pleased to announce that it has agreed a continuation of this work. Sevan Marine has been awarded a follow up study focused on the marine aspects of Sevan Marine’s unique cylindrical design. The study is expected to generate approximately 9,000 hours of paid engineering work through 2016. This positive endorsement of Sevan Marine’s technology represents yet a further milestone in the development of Sevan Marine’s FLNG concept.

Read more ...

The Board of Directors of Sevan Marine ASA has convened the Annual General Meeting in Sevan Marine ASA on Wednesday 25 May 2016, at 10:00 a.m. (CET) at the Company's offices in Verkstedveien 3, 0277 Oslo, Norway.

Read more ...

Please find attached the Annual Report 2015 for Sevan Marine ASA.

Read more ...

The financial calendar 2016 for Sevan Marine ASA is as follows:

Read more ...


Please find attached the presentation materials for the presentation of the Fourth Quarter 2015 results to be given today.

Read more ...

Main events and developments, Fourth Quarter 2015

Read more ...

Sevan Marine ASA informs that the results for the Fourth Quarter of 2015 will be published on February 24, 2016, at 8:00 a.m. (CET).

Read more ...

Reference is made to the Stock Exchange notice of 12 December 2014 regarding a potential adverse adjustment to Sevan Marine’s 2012 tax assessment. At that time, the tax authorities advised that certain deductions for losses on intra-group receivables following the sale of assets during the 2011-2012 restructuring might be challenged.

Read more ...

Sevan Marine’s subsidiary HiLoad LNG AS has entered into a Technology License Agreement with Vires Energy Corporation Ltd. (“Vires”) for an LNG receiving and regasification terminal in the Philippines. Following a feasibility study that was carried out last year, Vires has decided to move forward with the project, and a separate engineering service contract has also been agreed with HiLoad LNG providing design and engineering work. Payment under the license agreement is subject to Vires constructing and operating the regasification terminal. Construction is currently expected to start in 2016.

Read more ...


The financial calendar 2016 for Sevan Marine ASA is as follows:

Read more ...

We refer to previous communication regarding the cooperation agreement between CeFront Technology AS (“CeFront”) and Sevan Marine ASA, including the Q1 2015 results presentation.

Read more ...


Following the participation in front end engineering and development (FEED) work over past several months, Sevan Marine is pleased to announce that it has signed two agreements related to the FPSO prospect in the UK North Sea, referred to during our third quarter 2015 earnings release. The first agreement is a Technology License Agreement whereby the client will pay a license fee to Sevan Marine for the right to use their proprietary technology.

Read more ...

The financial calendar 2016 for Sevan Marine ASA is as follows:

Read more ...

Please find attached the presentation materials for the presentation of the Third Quarter 2015 results to be given today.

Read more ...

Main events and developments, third quarter 2015

Read more ...

Sevan Marine ASA informs that the results for the Third Quarter of 2015 will be published on November 11, 2015, at 8:00 a.m. (CET).

Read more ...


Sevan Marine ASA ("Sevan" or the "Company") refers to the Stock Exchange notice 29 June 2015. Based on Brazilian press articles indicating irregularities involving Sevan in the period 2005-2008, the Board of the Company initiated an independent corporate investigation (the "Investigation"). The Board has received the investigation report (the "Report") from Advokatfirmaet Selmer DA ("Selmer") and has decided to hand it over to the Norwegian authority for investigation and prosecution of economic and environmental crime ("ØKOKRIM").

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Sevan Marine ASA ("Sevan" eller "Selskapet") viser til børsmelding den 29. juni 2015. Selskapet iverksatte en uavhengig ekstern granskning ("Granskningen") på bakgrunn av omtale i brasiliansk presse av påståtte uregelmessigheter knyttet til kontrakter inngått i perioden 2005-2008. Sevans styre har nå mottatt rapporten fra Selmer ("Rapporten"). Som følge av de funn som fremkommer i Rapporten har styret i Sevan besluttet å overlevere denne til ØKOKRIM.

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Please find attached the presentation materials for the presentation of the First Half 2015 results to be given today.

Read more ...


During the first half of 2015, Sevan Marine continued to work on several FPSO, FSO and Drilling opportunities and is hopeful that one or more of these opportunities will result in license fees for Sevan Marine during the second half of 2015 / early 2016.

Read more ...

Sevan Marine ASA informs that the results for the First Half of 2015 will be published on August 19, 2015, at 8:00 a.m. (CET).

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Reference is made to Teekay’s Second Quarter 2015 report released today and to Sevan Marine’s Q1 2015 report. Arendal Spirit commenced its charter contract with Petrobras in June 2015. Sevan Marine is entitled to variable proceeds currently estimated by Sevan Marine to be approximately USD 8 million in June 2016, 12 months after start of charter hire. The actual variable proceeds to be paid is dependent on KPI’s which will be measured during Arendal Spirit's first year of operation.

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Reference is made to the Q1 2015 report dated May 19, 2015 where the risk of potential delays in the delivery of units 2 and 3 is highlighted. Sevan Marine ASA has now been informed that Logitel Offshore has entered into an agreement with COSCO to delay the delivery of unit 2 for up to 12 months until October 2016 with the ability to take delivery earlier if required. In addition, a postponement of work for 120 days has been agreed with respect to unit 3.

Read more ...

Sevan Marine ASA (the "Company") has recently become aware of articles in the Brazilian press which refer to a former manager and agent of Sevan Marine being named in connection with the Brazilian authorities' investigation into corrupt activities involving Petrobras and Operation Car Wash ("Lava Jato").

Read more ...

Sevan Marine ASA has today on May 21, 2015, held its Annual General Meeting. All the proposals from the Board of Directors to the General Meeting were approved. Attached to this announcement are the minutes of the Annual General Meeting in Norwegian and translation into English.

Read more ...

Please find attached the presentation materials for the presentation of the First Quarter 2015 results to be given today.

Read more ...

Main figures first quarter 2015
(Previous quarter figures in brackets)

Operating revenue for the first quarter 2015 was USD 15.4 million (USD 25.2 million). EBITDA was negative USD 2.7 million (positive USD 1.2 million), and operating loss was USD 2.8 million (loss of USD 4.8 million). Net loss was USD 4.5 million (loss of USD 15.9 million).

Read more ...

Sevan Marine ASA informs that the results for the First Quarter of 2015 will be published on May 20, 2015, at 8:00 a.m. (CET).

Read more ...

The Board of Directors of Sevan Marine ASA has convened the Annual General Meeting in Sevan Marine ASA on Thursday 21 May 2015, at 09:00 a.m. (CET) at the Company's offices in Verkstedveien 3, 0277 Oslo, Norway.

Read more ...

Sevan Marine today announces the appointment of Pareto Securities to assist the Company in the strategic review process announced in its Q4 2014 report.

Read more ...

Please find attached the Annual Report 2014 for Sevan Marine ASA.

Read more ...


Please find attached the presentation materials for the presentation of the Fourth Quarter 2014 results to be given today.

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During the fourth quarter, Sevan Marine experienced high activity in its core FPSO / FSO markets and continued weakness in its Topside and Process segment. Driven by the market outlook, numerous non-cash charges had a negative effect on earnings during the quarter.

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Sevan Marine ASA informs that the results for the Fourth Quarter of 2014 will be published on February 25, 2015, at 8:00 a.m. (CET).

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Sevan Marine is pleased to announce the delivery of the accommodation unit Arendal Spirit from the Cosco, Nantong yard to Teekay Offshore Partners LP in accordance with the agreement between Teekay Offshore Partners LP, Cefront Technology AS and Logitel Offshore Holdings AS announced on 12 July 2014.

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KANFA AS, a subsidiary of Sevan Marine ASA, is pleased to announce that it has been awarded a LOA for the Engineering, Procurement and Construction (“EPC”) contract for four process modules for the FPSO Yinson Production. The contract is expected to have a duration of 15 months with a contract value of approximately USD 50 million.

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The financial calendar 2015 for Sevan Marine ASA is as follows:

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Sevan Marine ASA («Sevan») has received a notice from Skatt Sør (Norwegian tax authorities) that the tax assessment for 2012 may be adjusted. Skatt Sør contemplates an adjustment by way of reducing the booked deduction for losses on intra-group receivables following the sale of FPSO "Hummingbird".

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As of January 1st, 2015, the CFO role in SM ASA will shift from Mr. Kjetil Vangsnes to Mr. Reese McNeel.

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Please find attached the presentation materials for the presentation of the third quarter 2014 results to be given today.

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During third quarter, Sevan Marine has further strengthened its position towards potential contracts within its core market segments, which is FPSO, FSO and FLNG

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Sevan Marine ASA informs that the results for the Third Quarter of 2014 will be published on November 19, 2014, at 8:00 a.m. (CET).

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The Sevan FLNG design concept approved by ABS provides for a stable platform in deep water, harsh environments and cyclonic conditions.

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Premier Oil Norway AS has awarded Sevan Marine a FEED (Front End Engineering and Design) contract for the hull and marine systems of a Sevan type cylindrical FPSO for operation on the Premier Oil operated Bream field in the Norwegian Central North Sea.

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Please find attached the presentation materials for the presentation of the first half 2014 results to be given today.

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During first half 2014, Sevan Marine has through new cooperative agreements with Technip and Teekay created a basis for increased activity both within its core business area as well as for other applications of Sevan’s floater technology.

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Sevan Marine ASA informs that the results for the first half of 2014 will be published on August 20, 2014, at 8:00 a.m. (CET).

Carl Lieungh (CEO) and Kjetil Vangsnes (CFO) will on the same day at 1:00 p.m. (CET) give a presentation of the results at Hotel Continental, Stortingsgaten 24/26, Oslo.

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With reference to our announcement on 10 July 2014, Teekay Offshore Partners LP has advised that they have exercised the first of six options to build another Floating Accommodation Unit (FAU) based on the Sevan design at the Cosco Shipyard, Nantong, for delivery in Q3 2016, thus expanding the current building programme to three units.

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In its capacity as lender under its MUSD 60 convertible loan agreement (the “Convertible”) with Logitel Offshore Pte Ltd, Sevan on May 15th announced that it had entered into a tri-partite letter of intent (the “LOI”) with Teekay Offshore Partners LP (“TOO”) as buyer and Cefront Technology AS (“Cefront”) as seller of all of the shares in Logitel Offshore Holdings AS (“Logitel”). 

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Sevan Marine ASA has today on May 23, 2014, held its Annual General Meeting. All the proposals from the Board of Directors to the General Meeting were approved. Attached to this announcement are the minutes of the Annual General Meeting in Norwegian and translation into English.

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Please find attached the presentation materials for the presentation of the first quarter 2014 results to be given today.

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Operating revenue for first quarter 2014 amounted to USD 24.6 million. EBITDA was positive with USD 1.6 million, and net profit was positive with USD 2.3 million.

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In its capacity as lender under its MUSD 60 convertible loan agreement (the “Convertible”) with Logitel Offshore Pte Ltd, Sevan has entered into a tri-partite letter of intent (the “LOI”) with Teekay Offshore Partners LP (“TOO”) as buyer and Cefront Technology AS (“Cefront”) as seller of all of the shares in Logitel Offshore Holdings AS (“Logitel”), which owns two hulls that are currently being converted into floating accommodation units (“FAUs”) at the COSCO (Nantong) Shipyard (“COSCO”) and options to order up to six additional FAUs. TOO intends to utilize Sevan’s technology to build a position in the floating accommodation market.  

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Sevan Marine ASA informs that the results for the first quarter of 2014 will be published on May 21, 2014, at 8:00 a.m. (CET).

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The Board of Directors of Sevan Marine ASA has convened the Annual General Meeting in Sevan Marine ASA on Friday 23 May 2014, at 12:00 noon (CET) at the Company's offices at Kittelsbuktveien 5, Arendal, Norway.

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Please find attached the Annual Report 2013 for Sevan Marine ASA.

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Reference is made to the notice from Sevan Marine ASA dated 4 April 2014 regarding the sale of 49% of KANFA AS to Technip Norge AS. The transaction was completed today.

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Xcite Energy Limited, through its 100% subsidiary Xcite Energy Resources Limited ("XER"), has entered into a Memorandum of Understanding ("MOU") with Teekay Shipping Norway AS (“Teekay”), which sets out the principles of co-operation for the supply of a floating storage and offloading (“FSO”) facility for the life of the UK CNS Bentley field. The FSO is based on Sevan Marine’s cylindrical floater technology, and will be bridge linked to the Bentley production platform.

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Sevan Marine ASA (“Sevan Marine”) is pleased to announce that the company has on April 3rd  entered into an agreement with Technip Norge AS (“Technip”), a wholly owned subsidiary of Technip S.A, regarding the sale of 49.0% of the shareholding in KANFA AS (“KANFA”). The parties have agreed not to disclose the purchase price at this point in time. Upon completion of the transaction, Sevan Marine will own 51.0% of KANFA AS and Technip will own 49.0%. The parties intend to further enhance KANFA’s development opportunities and expand the business.

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KANFA Mator has together with IFE (Institute for Energy technology), Statoil and Det Norske received funding for a JIP (Joint Industry Project) through the PETROMAKS 2 program.

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Please find attached the presentation materials for the presentation of the fourth quarter 2013 results to be given today.

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Operating revenue for fourth quarter 2013 amounted to USD 31.2 million. EBITDA was positive with USD 1.1 million, and net profit was positive with USD 1.5 million.

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Sevan Marine ASA informs that the results for the fourth quarter of 2013 will be published on February 26, 2014, at 8:00 a.m. (CET).
Carl Lieungh (CEO) and Kjetil Vangsnes (CFO) will on the same day at 1:00 p.m. (CET) give a presentation of the results at Hotel Continental, Stortingsgaten 24/26, Oslo.

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In connection with the yearly evaluation of the Board of Directors, shareholders may propose candidates to the Board of Directors to the Nomination Committee. Proposals can be submitted to the Chairperson of the Nomination Committee, Mimi K. Berdal, by e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it., and must be submitted within Friday 11 April 2014.

Sevan Marine ASA has acquired the technology rights of TORP LNG AS and its affiliates. This acquisition gives Sevan Marine ownership of the proprietary HiLoad technology for offshore loading of LNG (Liquefied Natural Gas). The HiLoad technology was originally developed for offshore loading of crude oil and the technology rights related to loading of oil remains with Remora.  The first HiLoad unit, owned by Teekay Offshore, is about to commence operations offshore Brazil.

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The financial calendar 2014 for Sevan Marine ASA is as follows:

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Please find attached the presentation materials for the presentation of the first half 2013 results to be given today.

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Operating revenue for third quarter 2013 amounted to USD 26.1 million. EBITDA was positive with USD 2.8 million, and net profit was positive with USD 4.5 million.

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Sevan Marine ASA (the "Company") is pleased to announce that a company within the Logitel Offshore group of companies ("Logitel") has entered into a 3 year charter contract (the "Contract") with Petrobras commencing end 2014 for the provision on one accommodation unit, currently under completion at the COSCO yard in China, to be stationed offshore Brazil. The Company acts as intervening party, and has assumed certain capped guarantee obligations, under the Contract. The Contract marks another important step in the recognition and use in new areas of operation of the Sevan technology, on which the Logitel accommodation unit is based. As previously announced, the Company has granted a USD 60 mill convertible loan to Logitel.

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Sevan Marine ASA informs that the results for the third quarter of 2013 will be published on November 20, 2013, at 8:00 a.m. (CET).

Carl Lieungh (CEO) and Kjetil Vangsnes (CFO) will on the same day at 1:00 p.m. (CET) give a presentation of the results at Hotel Continental, Stortingsgaten 24/26, Oslo.

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Sevan Marine ASA has today on September 26, 2013, held an Extraordinary General Meeting. All the proposals from the Board of Directors to General Meeting were approved.
Ingvild Sæther was elected as new director of the Company's Board of Directors, replacing Lars Ola Tan Almås.

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Sevan Marine and Logitel Offshore have entered into an agreement pursuant to which Sevan Marine will provide a new USD 9 million convertible loan to Logitel Offshore. The terms and conditions will be the same as under the existing USD 51 convertible bond agreement, which will be amended and increased to USD 60 million to include the new loan.

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The Board of Directors of Sevan Marine ASA has convened an Extraordinary General Meeting in Sevan Marine ASA on Thursday 26 September 2013, at 10.00 a.m. (CET) at the Company's premises at Drammensveien 134, Building 5 in Oslo, Norway.

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Please find attached the presentation materials for the presentation of the first half 2013 results to be given today.

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During Q2 2013, the final element of the Restructuring process was completed as FPSO Voyageur Spirit was transferred to Teekay. In addition, hulls #4 and #5 were sold to Logitel Offshore. The Board is pleased to report that with this, the final steps have been taken in transforming Sevan Marine from an asset (‘build-own-operate’) company to an engineering, technology and project development company.

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Sevan Marine ASA informs that the results for the first half of 2013 will be published on August 28, 2013, at 8:00 a.m. (CET).

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Reference is made to the stock exchange notice sent 24 May 2013 regarding the sale of the hulls and organizational changes. At the time the transactions remained subject to customary closing conditions. Sevan Marine hereby informs that all closing conditions have been met in relation to the sale of the hulls and that all contracts are effective as of today’s date.

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Pleasefind attached the presentation materials for the presentation of the first quarter results to be given today.

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Operating revenue from continued operations for first quarter 2013 amounted to USD 19.5 million. EBITDA was positive with USD 0.3 million, and net profit from continued operations was positive with USD 0.4 million.

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Sevan Marine ASA (“Sevan” or the “Company”) is pleased to announce that it has entered into an agreement to sell the semi-completed Sevan hulls number 4 and 5 (the "Hulls”) on an “as-is, where-is” basis to Logitel Offshore.

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Sevan Marine ASA has today on May 24, 2013, held its Ordinary General Meeting. All the proposals from the Board of Directors to General Meeting were approved.

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Sevan Marine ASA informs that the results for the first quarter of 2013 will be published on May 29, 2013, at 8:00 a.m. (CET).

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Reference is made to previous announcements in respect of the restructuring (the "Restructuring") of Sevan Marine ASA ("Sevan" or the "Company") and its subsidiaries.

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The Board of Directors of Sevan Marine ASA has convened the Ordinary General Meeting in Sevan Marine ASA on Friday 24 May 2013, at 12.00 noon (CET) at the Company's offices at Kittelsbuktveien 5, Arendal, Norway.

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Please find attached the Annual Report 2012 for Sevan Marine ASA.

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Reference is made to previous updates regarding the sale of the FPSO Voyageur Spirit to Teekay Corporation.

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Sevan Marine ASA has changed the date of the Ordinary General Meeting from 15 May 2013 to 24 May 2013. The updated financial calendar for the rest of 2013 for Sevan Marine ASA is therefore as follows:

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Reference is made to previous updates regarding the FPSO Voyageur Spirit. We are pleased to announce that "first oil" and production at the Huntington oil and gas field in the Central North Sea has successfully started.

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Reference is made to previous information regarding the expected closing during Q1 2013 of the sale by Sevan Marine of FPSO Voyageur Spirit to Teekay Corporation.

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Please find attached the presentation materials for the presentation of the fourth quarter results to be given today.

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Operating revenue from continued operations for fourth quarter 2012 amounted to USD 36.8 million. EBITDA was negative with USD 2.5 million, and due to impairment charge of USD 51 million, operating loss was USD 53.6. Net profit from continued operations was negative with USD 43.2 million.

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Sevan Marine ASA informs that the results for the fourth quarter of 2012 will be published on February 27, 2013, at 8:00 a.m. (CET).

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KANFA Group was, by the end of 2012, awarded an EPC contract by Kværner Stord AS on a new Chemical Injection package and a MEG Injection Package on Lundin’s Edvard Grieg platform due to operate in the North Sea.

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KANFA Group has been awarded an EPCIC contract by Teekay Petrojarl on a new Produced Water Treatment (PWT) package on the FPSO Piranema Spirit operating in Brazilian waters.

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Dana Petroleum, on behalf of the Western Isles license partners, has today signed two agreements with Sevan Marine for the application of a Sevan FPSO for the development of the Western Isles project:

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The financial calendar 2013 for Sevan Marine ASA is as follows:

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Please find attached the presentation materials for the presentation of the third quarter results to be given today.

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Operating revenue from continued operations for third quarter 2012 amounted to USD 20.9 million. EBITDA was positive with USD 6.3 million and net profit from continued operations was USD 6.2 million.

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Sevan Marine ASA informs that the results for the third quarter of 2012 will be published on November 21, 2012, at 8:00 a.m. (CET).

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Sevan Marine ASA is pleased to announce that the tow of the FPSO “Voyageur Spirit” from the Nymo upgrade yard at Eydehavn, Arendal to the Huntington Field in the UK sector of the North Sea has now commenced. The “Voyageur Spirit” let go of the moorings at 07:50 hrs Sunday morning, September 30, and is estimated to arrive at the Huntington Field early in the morning Thursday, October 4.

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Sevan Marine ASA sitt heleide datterselskap KANFA AS har, med virkning fra 11.09.2012, kjøpt mer enn 50% av Ingenium Process Solutions AS.

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Sevan Marine ASA sitt heleide datterselskap KANFA AS har, med virkning fra 11.09.2012, kjøpt mer enn 50% av Ingenium Process Solutions AS.

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We would like to thank you all for taking time to visit Sevan Marine’s stand during ONS 2012 in Stavanger.

The exhibition was a great success and we were pleased to see the growing interest in the Sevan circular FPSO technology.

 

Feel free to contact us with any questions or feedback you may have.

We would like to thank you all for taking time to visit Sevan Marine’s stand during ONS 2012 in Stavanger.

The exhibition was a great success and we were pleased to see the growing interest in the Sevan circular FPSO technology.

 

Feel free to contact us with any questions or feedback you may have.

We would like to thank you all for taking time to visit Sevan Marine’s stand during ONS 2012 in Stavanger.

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We would like to thank you all for taking time to visit Sevan Marine’s stand during ONS 2012 in Stavanger.

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Please find attached the presentation materials for the presentation of the first half results to be given today.

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Operating revenue from continued operations for second quarter 2012 amounted to USD 23.7 million. EBITDA was positive with USD 11.6 million, and net profit from continued operations was USD 11.0 million.

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Sevan Marine ASA informs that the results for the second quarter of 2012 will be published on August 29, 2012, at 8:00 a.m. (CET).

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At the “Arctic Maritime Offshore Conference” (info and registration: www.amo-conference.com),

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Following more than a year of front end engineering and development work,

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Issuers of listed transferable securities are required to provide Oslo Børs with an annual statement of information made available to the public, cf. the Securities Trading Act section 5-11 sub-section 1.

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Sevan Marine ASA has today on May 25, 2012, held its Ordinary General Meeting.

All the proposals from the Board of Directors to the General Meeting were approved.

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Please find attached the presentation materials for the presentation of the first quarter results to be given today.

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Operating revenue from continued operations for first quarter 2012 amounted to USD 24.4 million. EBITDA was positive with USD 10.7 million, and net profit from continued operations was USD 12.3 million.

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Sevan Marine ASA informs that the results for the first quarter of 2012 will be published on May 22, 2012, at 8:00 a.m. (CET).

Carl Lieungh (CEO) and Kjetil Vangsnes (CFO) will on the same day at 1:00 p.m. (CET) give a presentation of the results at Shippingklubben, Haakon VII`s gate 1, Oslo.

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The Ordinary General Meeting of Sevan Marine ASA has been scheduled for 25 May 2012.

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The Board of Directors of Sevan Marine ASA has convened the Ordinary General Meeting in Sevan Marine ASA on Thursday May 25, 2012, at 1.00 p.m. (CET) at the Company's offices at Kittelsbuktveien 5, Arendal, Norway.

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Please find attached the Sevan Marine ASA annual report 2011 .

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The updated financial calendar for 2012 for Sevan Marine ASA is as follows:

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Reference is made to previous information about the Voyageur project and the conditional sale to Teekay as set out in the Prospectus dated December 7, 2011 and in the press releases dated February 01, 2012 and February 10, 2012. Sevan Marine is pleased to announce that agreement has been reached with ING Bank N.V, Teekay and E.ON regarding the Voyageur project and the amendment of agreements required to effectuate the sale of the Voyageur to Teekay as described in the Prospectus.

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Statoil has awarded Sevan Marine a study of the potential application of a Sevan FPSO for Statoil's Skrugard/ Havis development in the Norwegian Barents Sea.

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Please find attached the presentation materials for the presentation of the fourth quarter results to be given today.

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During the fourth quarter, the Company successfully completed material aspects of its restructuring (the “Restructuring”) as disclosed in the third quarter interim financial report and amongst others the stock exchange notices of October 18, 2011 and November 30, 2011 which are available on the Company’s website (www.sevanmarine.com).

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As described in the Press Release dated February 1, 2011 and Prospectus dated December 7, 2011, the standstill arrangements with ING Bank N.V and E.ON regarding the Voyageur project expired, January 31, 2012 and the parties expected the agreements to be executed by close of business today, Friday, February 10, 2012. It has come to our attention that the parties will not be in a position to execute the agreements today and an additional extension to the standstill arrangements will now be sought.

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Sevan Marine ASA informs that the results for the fourth quarter of 2011 will be published on February 22, 2012, at 8:00 a.m. (CET).

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The updated financial calendar for 2012 for Sevan Marine ASA is as follows:

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As described in the Prospectus dated December 7, 2011, the standstill arrangements with ING Bank N.V and E.ON regarding the Voyageur project expired yesterday, January 31, 2012.

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Reference is made to previous announcements by Sevan Marine ASA (“Sevan Marine” or the “Company”). The shares currently traded on Oslo Børs under the trading symbol “SEVAN N”  (ISIN NO 001 0630502) were previously announced to be assumed under the ordinary ISIN for Sevan Marine shares, ISIN NO 001 0187032, on January 13, 2012.

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In conjunction with the sale of the FPSO Seven Piranema and FPSO Sevan Hummingbird to Teeky and effective January 01, 2012, Mr. Erling Andreas Ronglan, Vice President Floating Production, has stepped down from his position. We thank Mr. Ronglan for his contributions and wish him all the best in his new endeavours.

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The financial calendar 2012 for Sevan Marine ASA is as follows:

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Reference is made to previous announcements by Sevan Marine ASA (“Sevan Marine” or the “Company”) in respect of issuance of new shares in the Company through the Company’s offering completed on December 23, 2011.

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Reference is made to previous announcements by Sevan Marine ASA (“Sevan Marine” or the “Company”) in respect of the completed offering of new shares in the Company (the “Offering”). The share capital increase pertaining to the new shares issued through the Offering was today registered with the Norwegian Registry of Business Enterprises (Nw. Foretaksregisteret). After the registration, the registered share capital of Sevan Marine is NOK 210,427,996 comprising of 52,606,999 shares each with a par value of NOK 4.00.

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On the basis of the mandatory offer of Teekay Service Holdings Cooperatif U.A. (“Teekay”) for shares in Sevan Marine ASA (“Sevan Marine” or the “Company”) being made in concert with the Board of Directors of Sevan Marine pursuant to an agreement on the restructuring of the Company, Oslo Børs, in its capacity as take-over supervisory authority, has decided that the statement on the mandatory offer pursuant to the Norwegian Securities Trading Act section 6-16 shall be made by an independent competent expert engaged by the Company. On this basis the Company engaged BDO AS to issue the statement on the mandatory offer.

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The board of directors of Sevan Marine ASA (the “Company”) has decided not to appeal the decision announced on December 14, 2011 by the board of directors of the Oslo Stock Exchange (the “OSE”) to impose a fine on the Company. While the Company used its best efforts to address and resolve complex issues in challenging times, and believes the OSE’s retrospect assessment and the sanction is particularly strict, the new board and management wish to move forward and focus on future business opportunities.

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Reference is made to previous announcements by Sevan Marine ASA (“Sevan Marine” or the “Company”) in respect of its offering of new shares in the Company for gross proceeds of up to approximately NOK 141 million (or approximately USD 25 million) (the “Offering”).

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Reference is made to previous announcements by Sevan Marine ASA (“Sevan Marine” or the “Company”) in respect of its offering of new shares in the Company for gross proceeds of up to approximately NOK 141 million (or approximately USD 25 million) (the “Offering”).

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Reference is made to previous announcements by Sevan Marine ASA (“Sevan Marine” or the “Company”) in respect of its ongoing offering of new shares in the Company (the “Offering”).

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Det vises til tidligere børsmeldinger av Sevan Marine ASA (“Sevan Marine” eller “Selskapet” vedrørende det pågående tilbudet om tegning av nye aksjer i Selskapet (“Tilbudet”).

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Please see attached presentation (the “Presentation”) of Sevan Marine ASA (“Sevan Marine” or the “Company”)  to be used by the Company in connection with meetings with shareholders and others. The information contained in the Presentaiton is qualified in its entirety by reference to the information set out in the Company’s prospectus dated December 7, 2011.

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Vennligst finn vedlagt presentasjon («Presentasjonen») som skal benyttes av Sevan Marine ASA («Sevan Marine» eller «Selskapet») i forbindelse med møter med aksjonærer og andre. Informasjonen i Presentasjonen er i sin helhet kvalifisert av informasjonen i Selskapets prospekt datert 7. desember 2011.

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Som tidligere offentliggjort i børsmeldinger planlegger Sevan Marine ASA (“Sevan Marine” eller “Selskapet”) å hente inn ca NOK 141 millioner gjennom en emisjon ( “Tilbudet”) (tegningskurs per aksje: NOK 6.70) som en del av restruktureringen av Selskapet (“Restruktureringen”),. Tegningsperioden starter i dag.

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As previously announced, Sevan Marine ASA (“Sevan Marine” or the “Company”)  is planning to raise up to approximately NOK 141 million through an equity offering (the “Offering”) (per share subscription price: NOK 6.70) as contemplated by the terms of the restructuring of Sevan Marine (the “Restructuring”). The subscription period for the Offering commences today.

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Mr. Kjetil Vangsnes has accepted the role as permanent CFO of Sevan Marine and will commence his engagement on January 01, 2012. Mr. Reese McNeel Interim CFO will step down from his position at that time. Mr. McNeel will continue to support the finance organisation of Sevan Marine post Mr. Vangsnæs’ appointment to ensure a smooth and orderly handover.

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Today, December 2, 2011 will be the last day of trading in the shares of Sevan Marine inclusive of right to allocation rights (“Allocation Rights”) in the contemplated offering of new shares in Sevan Marine (the “Contemplated Offering”). For the purposes of determining shareholder’ eligibility, Sevan Marine will look solely to its shareholders register as of expiry of December 7, 2011 (the “Record Date”). For further details, please refer to previous announcement of December 1, 2011.

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Reference is made to Sevan Marine ASA’s (“Sevan Marine” or the “Company”)  third quarter 2011 interim financial report published on November 09, 2011 (the “Third Quarter Report”). The Company has identified an error in the allocation of costs between continued and discontinued operations in the Third Quarter Report.

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Reference is made to previous announcements in respect of the restructuring (the “Restructuring”) of Sevan Marine ASA (“Sevan Marine” or the “Company”) and the contemplated offering of new shares in the company for gross proceeds of up to approximately NOK 141 million (or approximately USD 25 million) (the “Contemplated Offering”).

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Reference is made to previous announcements in respect of the restructuring (the “Restructuring”) of Sevan Marine ASA (“Sevan Marine” or the “Company”).


Teekay Service Holdings Cooperatief U.A., an affiliate of Teekay Corporation, has today subscribed and paid for new shares (the “Teekay Placement Shares”) in the Company for gross proceeds of approximately USD 25 million (or approximately NOK 141 million) (the “Teekay Placement”).

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Reference is made to previous announcements in respect of the restructuring (the “Restructuring”) of Sevan Marine ASA (“Sevan Marine” or the “Company”). Sevan Marine is pleased to announce that it today closed the sale of FPSO Sevan Piranema and FPSO Sevan Hummingbird to Teekay and applied the associated proceeds from such sales to settle the “FRN Sevan Marine Senior Secured Callable Bond Issue 2007/2013”, ISIN NO 001 036696.6, Oslo Børs Trading Symbol “SEVAN 04” (the “Piranema Bond Loan”) and the “12.0/13.25% Sevan Marine Senior Secured Bond Issue 2010/2015”, ISIN NO 001 058295.0/001 058296.8 (the “Hummingbird Bond Loan”) in accordance with the terms of the Restructuring.

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