Sevan Marine ASA (the ‘Company’) is listed on Oslo Børs (ticker SEVAN) and has developed a cylinder shaped floater, suitable for all offshore environments. The Company’s primary focus is to create value for its shareholders by delivering products and solutions to the offshore industry, utilizing its core competencies within the areas of design, engineering and project execution. The basis for the products and solutions is the Sevan technology.
So far, the Company has concentrated its efforts in utilizing the Sevan technology for floating production and drilling applications. However, due to its versatility, the Sevan design may also be used for other applications, including Gas to Wire (GTW), FDPSO (Floating Drilling & Production), floating LNG (FLNG) and accommodation. Going forward, the Company will evaluate the potential for such complementary uses of the Sevan technology.
The business model has traditionally been based on a build-own-operate scheme, whereby the Company takes the responsibility for the construction, ownership and operation of the Sevan units. After the restructuring process main focus will be on license agreements an EPC projects as a project developer.