News Column

Sevan Marine ASA - Logitel transaction Details

July 15, 2014



ENP Newswire - 15 July 2014

Release date- 11072014 - In its capacity as lender under its MUSD 60 convertible loan agreement with Logitel Offshore Pte Ltd, Sevan on May 15th announced that it had entered into a tri-partite letter of intent with Teekay Offshore Partners LP as buyer and Cefront Technology AS as seller of all of the shares in Logitel Offshore Holdings AS.

Final and binding agreement has been signed and closing will occur upon Cosco Shipyards board approval (expected week 29/2014), thereby releasing Sevan from its potential financial liability as 'intervening party' under Logitel's employment contract with Petrobras in respect of Floating Accommodation Unit ('FAU') No. 1. Further, Sevan will retain its MUSD 60 convertible loan with certain amendments; entailing that repayment profile and maturity for the Convertible is amended to six instalments of MUSD 10 as and when further FAUs are delivered. Sevan will also receive license fees and provide services as the FAUs are built by TOO.

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Bors - 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 Bors with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

Press Contact:

Marit Ytreeide

Tel: +47 901 28 308


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Source: ENP Newswire


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