Sevan Marine and Logitel Offshore have entered into an agreement pursuant to which Sevan Marine will provide a new USD 9 million convertible loan to Logitel Offshore.
The terms and conditions will be the same as under the existing USD 51 convertible bond agreement, which will be amended and increased to USD 60 million to include the new loan. The funds will be used to support the development and growth of Logitel Offshore by way of paying the first yard installment for Logitel Offshore’s second accommodation and logistics rig. Consequently, Logitel Offshore will within short have 2 Sevan design rigs under construction.
Sevan Marine will continue to provide project management services to Logitel Offshore, which includes inter alia site supervision, engineering services, and technical support. Sevan Marine will be also entitled to a license fee of USD 5 million after delivery of the rig.
Press Release, September 23, 2013