Sevan secures Huntington upgrade funds

Offshore staff

ARENDAL, Norway – Sevan Marine has secured a $36.1-million bond loan agreement with Norsk Tillitsmann, acting on behalf of a group of holders of the company’s existing bonds.

The loan will support Sevan’s short-term working capital needs and those of its subsidiaries into September, pending final resolution of restructuring discussions with the bondholders and other stakeholders.

At least $30 million of the proceeds will be directed to the upgrade project for the FPSO Sevan Voyageur for the E.ON Ruhrgas-operated Huntington field development in the UK central North Sea. However, Sevan is also in talks with banks and commercial partners concerning further liquidity support for the Voyageur.

07/21/2011