As announced on January 19, 2016, Sevan Marine received a decision from Skatt Sør (Norwegian tax authorities) that the tax assessment for 2012 was adjusted for certain deductions related to losses on intra-group receivables following the sale of FPSO Hummingbird during the 2011-2012 restructuring.
Sevan Marine accrued for the full amount of the potential additional tax, interest and penalty tax in December 2015 of NOK 40.9 million. The additional tax and interest of NOK 31.7 million was paid in February 2016.
Sevan Marine disputed the tax office’s assessment. The tax office has now informed Sevan Marine that they will reverse their decision and no longer pursue the adjustment of the 2012 tax assessment.
In accordance with this decision, Sevan Marine will be paid back the NOK 31.7 million paid in February 2016 plus interest. The remaining accrual in the accounts of NOK 9.2 million for penalty tax will also be reversed in Q2 2017. Sevan Marine will further pursue the reimbursement of expenses incurred in disputing this case.
“We are very pleased that the tax authorities have agreed to no longer pursue this matter. This decision will lead to a positive NOK 40.9 million accounting gain and a cash reimbursement of over NOK 31.7 million.” says Reese McNeel, CEO of Sevan Marine ASA.
Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.
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.