Sevan Marine ASA has agreed a settlement with Piranema LLC in relation to ANP fines incurred to date. As previously communicated Sevan Marine provided Piranema LLC with an indemnity against such fines in conjunction with the 2011 restructuring and sale of the FPSO Piranema.
Sevan Marine will pay Piranema LLC an amount of USD 3 million to settle the fines and related expenses incurred to date. Sevan Marine will remain liable for any future claims. Neither Sevan Marine nor Piranema LLC are aware of any pending or future claims at this time.
Sevan Marine has accounted for and accrued for such costs in its financial accounts with USD 3.7 million. The settlement will lead to a USD 3 million reduction in Sevan Marine’s cash balance per the end of Q1 2017 and an accounting financial gain in the range of USD 0.7 million in the quarter.
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.
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.