Sevan Marine’s EBITDA Negative
Norway’s Sevan Marine yesterday reported that its operating revenue from continued operations for fourth quarter 2012 amounted to USD 36.8 million.
EBITDA was negative with USD 2.5 million, and due to impairment charge of USD 51 million, operating loss was USD 53.6. Net profit from continued operations was negative with USD 43.2 million.
Equity at the end of fourth quarter 2012 amounted to USD 94.3 million and total assets continued operations were USD 178.4 million.
Sevan Marine has completed its first full year after the restructuring, focusing on its new business model as an engineering and technology company . Hulls based on Sevan technology are being marketed as FPSOs and FSOs as the core area, as well as licenses for other applications of the technology . At the same time, the Sevan Group has developed its process and topside technology further through the KANFA Group . The many discoveries within oil and gas worldwide, more projects moving into a production phase, as well as expected high and increasing investment levels in the industry, call for a positive market outlook for the Company .
With the sale of “Sevan Voyageur” ,a cylinder shaped FPSO,being realized, the Company expects to be debt free by Q2/2013, and targets to strengthen its balance sheet by reducing its risks and liabilities and thereby improve its growth potential going forward.
Voyageur is expected to be sold in Q1/2013; entailing further risk reduction for Sevan Marine as the bridge loan will be paid down and commitments relating to Voyageur will formally move to Teekay.
February 28, 2013