Settlement in Logitel Arbitration
- Published: 16 October 2017
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
+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.