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Sevan Marine ASA (SEVAN.OL)

SEVAN.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Sevan Marine agrees FPSO Piranema ANP fine settlement
Thursday, 16 Mar 2017 10:03am EDT 

Sevan Marine ASA : Agrees FPSO Piranema ANP fine settlement . Says will pay Piranema Llc an amount of $3 million to settle fines and related expenses incurred to date .Sayd will remain liable for any future claims.  Full Article

Sevan Marine secures long term framework agreement with ExxonMobil
Friday, 24 Feb 2017 02:15am EST 

Sevan Marine ASA : Entered into a long term framework agreement with ExxonMobil for provision of services and use of Sevan Marine's cylindrical hull technology .Total value of framework agreement is subject to calling off of individual orders.  Full Article

Sevan Marine Q4 EBITDA loss from continuing operations narrows to $1.4 mln
Tuesday, 21 Feb 2017 01:58am EST 

Sevan Marine ASA : Q4 EBITDA from continuing operations loss $1.4 million versus loss $2.7 million year ago . Q4 revenue continued operations $2.2 million versus $5.8 million year ago . Says is optimistic that additional study work can be won in 2017 and early 2018 in this regard . Sees late 2017 and 2018 should see substantially improved results .Sees 2017 will likely remain a challenging year with both negative profits and cash flow..  Full Article

Sevan Marine Q2 EBITDA loss narrowing to loss $0.3 million
Thursday, 25 Aug 2016 01:59am EDT 

Sevan Marine ASA : Q2 operating revenue $16.9 million versus $15.5 million year ago . Q2 EBITDA loss $0.3 million versus loss $3.0 million year ago . Board expects that 2016 and 2017 will be difficult years . Work for Sevan Marine on Goliat Project is expected to decline substantially from Q3 2016 with vessel now successfully producing in Barent's sea .Continues to support construction of vessel at Cosco Yard in China, and dana has announced that FPSO will not commence production before second half of 2017.  Full Article

Sevan Marine updates on Logitel Offshore agreements
Friday, 5 Aug 2016 03:12am EDT 

Sevan Marine ASA : Says outcome of cancellation of shipyard contracts for two remaining Logitel Offshore units and any potential recovery of value remains uncertain . There remains material uncertainty regarding both amount and timing of any payments in relation to Logitel agreements .Says expects to provide a further update on Logitel Offshore agreements in connection with its Q2 2016 earnings release on Aug 24, 2016.  Full Article

Sevan Marine Q1 EBITDA loss widens to $7.0 million
Wednesday, 25 May 2016 01:59am EDT 

Sevan Marine ASA : Q1 operating revenue $21.0 million versus $15.4 million year ago . Q1 EBITDA loss $7.0 million versus loss $2.7 million year ago . An extraordinary dividend in 2016 may be considered depending upon developments during year . Continues to face difficult market with many of its key prospects continuing to be delayed . Says 2016 will remain a difficult year . More cost reduction measures are being implemented to reduce operating losses and cash burn . Measures include voluntary salary cuts, reduced working time, simplification of group structure and continued stringent cost control .Expects to regain profitability in 2017.  Full Article

Sevan Marine: Erling Øverland proposed as new Chairman
Tuesday, 24 May 2016 03:45am EDT 

Sevan Marine ASA : Says Siri Hatlen has decided to withdraw her candidacy as Chairman of Board and to step down from Board from Annual General Meeting on May 25 .Nomination Committee proposes Erling Øverland, former member of corporate management of Statoil ASA, to be elected as new Chairman.  Full Article

Sevan Marine updates on Logitel Offshore agreements
Monday, 23 May 2016 02:45am EDT 

Sevan Marine ASA : Updates on Logitel Offshore agreements . Outcome of review started in January exposed potential breaches of Norwegian corporate law in relation to Logitel agreements . Initiated, through a special board, a dialogue with Logitel and Teekay in February 2016 in an attempt to resolve issues . Dialogue has recently been paused by Logitel/Teekay .Is considering its alternatives, including potentially initiating litigation against Logitel, Teekay and other involved parties.  Full Article

Sevan Marine: Continuation of FLNG Feasibility Study with US Oil Major
Tuesday, 10 May 2016 02:33am EDT 

Sevan Marine ASA : Continuation of FLNG Feasibility Study with US Oil Major . has been awarded a follow up study focused on the marine aspects of Sevan Marine's unique cylindrical design .Study is expected to generate about 9,000 hours of paid engineering work through 2016.  Full Article

Sevan Marine ASA proposes no FY 2015 dividend
Wednesday, 24 Feb 2016 02:00am EST 

Sevan Marine ASA:Has decided not to pay ordinary dividend for FY 2015​.  Full Article

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