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Sevan Marine ASA Granted a USD 60 Mill Convertible Loan to Logitel

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Core Tip: Sevan Marine ASA (the "Company") is pleased to announce that a company within the Logitel Offshore group of companies ("Logitel") ha

Sevan Marine ASA (the "Company") is pleased to announce that a company within the Logitel Offshore group of companies ("Logitel") has entered into a 3 year charter contract (the "Contract") with Petrobras commencing end 2014 for the provision on one accommodation unit, currently under completion at the COSCO yard in China, to be stationed offshore Brazil. The Company acts as intervening party, and has assumed certain capped guarantee obligations, under the Contract. The Contract marks another important step in the recognition and use in new areas of operation of the Sevan technology, on which the Logitel accommodation unit is based. As previously announced, the Company has granted a USD 60 mill convertible loan to Logitel.

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.

Sevan Marine ASA is specializing in owning, operating and licensing FPSOs, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN.

 
 
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