Sevan Marine ASA : First Half 2013 Results

During Q2 2013, the final element of the Restructuring process was completed as FPSO Voyageur Spirit was transferred to Teekay. In addition, hulls #4 and #5 were sold to Logitel Offshore. The Board is pleased to report that with this, the final steps have been taken in transforming Sevan Marine from an asset ('build-own-operate') company to an engineering, technology and project development company.
Operating revenue from continued operations for second quarter 2013 amounted to USD 25.7 million. EBITDA was positive with USD 3.6 million, and net profit from continued operations was positive with USD 25.3 million.
Equity at the end of first half 2013 amounted to USD 120.3 million and total assets were USD 157.9 million.
Read more in the attached report.
Carl Lieungh (CEO) and Kjetil Vangsnes (CFO) will today at 1:00 p.m. (CET) give a presentation of the results at Hotel Continental, Stortingsgaten 24/26, Oslo.
The presentation will be in English.
The presentation will also be broadcasted LIVE on www.sevanmarine.com.
It is recommended that you log on to the webcast 5 minutes in advance of the presentation.
If you wish to attend the presentation in Oslo, please confirm by email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
If you wish to call-in to listen to the presentation, please find the call-in details attached.
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.
To read the full report, click: http://www.sevanmarine.com/images/stories/Reports/Quaterly/2013_q2_report.pdf
Source: Sevan Marine ASA