SEVAN MARINE ASA – Fourth quarter 2016 results
Sevan Marine reported revenue for continued operations in the fourth quarter 2016 of USD 2.2 million, as the company continued to support two cylindrical FPSO developments for the UK Continental Shelf, one cylindrical FLNG project for a US Major and delivered engineering support for the Goliat project in the Barents Sea.
Sevan Marine continued to reduce its cost base with further headcount reductions and management changes implemented. A restructuring charge of USD 1.0 million
affected this quarter’s earnings and EBITDA was negative USD 1.4 million (negative USD 0.9 million last quarter).
The company is in a solid financial position, with a net cash position of USD 24.8 million and an equity ratio of 60 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 in 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 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: 6261109.
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
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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 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.