Sevan Marine ASA has today published its Annual Financial Statements for 2009.
Attached as appendixes to this announcement are the Annual Financial Report for 2009, which includes the Annual Financial Statements for 2009, in Norwegian and translation into English. Please note that the English language Annual Financial Report includes some sections not in included in the Norwegian language report.
Consolidated revenue for 2009 totaled USD 195 million, compared to USD 120 million in 2008. The Group incurred an operating loss of USD 83 million, an improvement of USD 47 million from 2008, mostly relating to increase in activities as new units commenced operations as well as one-off expense items in 2008. An increase in net financial loss of USD 114 was mainly a result of unrealized financial currency losses from NOK nominated bonds. Net loss came to USD 143 million, compared to a loss of USD 108 million in 2008. At December 31, 2009, total consolidated assets amounted to USD 2,349 million, of which Sevan capital assets amounted to USD 1,904 million and USD 163 million was cash and cash equivalents. At year end, the equity ratio was 43% and the Group had an undrawn bank facility of USD 44 million and an unused long term vendor credit facilities to Sevan Driller II of approximately USD 80 million.
In connection with the finalization of the 2009 Annual Financial Statements, discussions with the auditors have resulted in loan commitments totaling USD 1,015 million being required under applicable accounting rules (IFRS) to be classified as current rather than non-current liabilities. This was due to non-compliance with certain milestone date requirements as to project progress under the bank financing facilities for FPSO Sevan Voyageur and Sevan Driller. Under the loan agreements, unanimous consent from all banks is required in order to change the milestone dates. Whereas one lender, with minority participation in both facilities, refused to grant the waiver necessary to make formal mitigating amendments to the loan documents reflecting the relevant delays, the majority lenders have throughout the relevant period supported the Company and repayment was at no point required. As a result of the deadlock situation, it was agreed that the minority lender exit its position in both facilities and be replaced by other lenders. As described in further detail in Note 15 and in the Board of Directors' Report, the Board of Directors is of the firm opinion that the debt in reality is non-current in nature. However, the IFRS requires that amounts which formally could be held to be mandatorily repayable as at the balance sheet date be classified as current irrespective of whether such repayment was required by the lenders or the basis therefore as subsequently been eliminated. Accordingly, relevant liabilities have been classified as current in the financial statements as per December 31, 2009. By the date of this financial report, all necessary actions to replace the minority lender with new lenders have been reached and full compliance re-established for both facilities.
The Group has prepared the financial statements in accordance with International Financial Reporting Standards (IFRS).
Notice for Ordinary General Meeting to be held on May 31, 2010, will be posted in separate announcement. The notice, in Norwegian and translation into English, will also be available at the corporate web site; www.sevanmarine.com.
Dated: April 30, 2010
Sevan Marine ASA
Årsrapport 2009 6.91 Mb
Annual Report 2009 7.35 Mb
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 owning, operating and licensing FPSOs and drilling units, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to http://www.sevanmarine.com//. For information, please contact:
Jan Erik Tveteraas, CEO, Sevan Marine ASA (Media)
Birte Norheim, VP Finance, Sevan Marine ASA (Analysts)
+47 37404000 office
+47 95214925 mobile
+47 37404201 office
+47 95293321 mobile