Sevan sells two hulls, participates in establishing new companies

Sevan Marine ASA cooperated in the founding of Logitel Offshore to promote floating accommodation units using Sevan’s design.

Offshore staff

ARENDAL, Norway – Sevan Marine ASA cooperated in the founding of Logitel Offshore to promote floating accommodation units using Sevan’s design.

At the same time, Sevan has sold its hulls No.4 and No. 5 to Logitel. Hull No. 4 will be completed as a high-end accommodations unit.

Purchase price of the hulls was $41 million, and the transaction is expected to be completed during 2Q 2013.

Sevan and CeFront have entered into a cooperation agreement regarding, among other things, the development of new applications and projects based on the Sevan design.

CeFront is another new company and will focus on developing technology, design and projects for Sevan and other customers. It also aims to enhance the use of Sevan’s technology in new markets outside the FPSO/FSO market.

CeFront also owns Logitel Offshore. Key owners and employees in CeFront are Arne Smedal and Kåre Syvertsen, who co-founded Sevan.

5/31/13

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