First Quarter 2017 Results
- Published: 23 May 2017
(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
+47 415 08 186
Q1 2017 Report
Q1 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.