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. 

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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

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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.

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