Norway: Sevan Marine to Pay a Fine for Breach of Information Obligation

 

The board of Oslo Børs has today imposed a fine on Sevan Marine ASA (the “Company”) in the amount of NOK 411.600- USD 71.664 (equal to two times the annual listing fee) as a sanction for breach of information obligation towards the market.

The OSE board held that the equipment failure encountered on “Sevan Driller” (photo) in August/September 2010 constituted precise and relevant information of a nature which should have been communicated to the market upon its occurrence. Accordingly, the OSE board held that the announcement made by the Company on 17 September was too late and in breach of section 5-2 (1) of the Securities Trading Act. While the Company sought to exercise prudence and good judgment in an unclear and difficult situation following the equipment breakdown, the Company acknowledges Oslo Børs’ assessment and will not appeal the decision.

Sevan Marine ASA (the ‘Company’) is listed on Oslo Børs (ticker SEVAN) and has developed a cylinder shaped floater, suitable for all offshore environments. Presently, Sevan Marine has four FPSO contracts, including the Goliat Sevan 1000 FPSO, and three drilling contracts with clients.

The Company’s primary focus is to create value for its shareholders by delivering products and solutions to the offshore industry, utilizing its core competencies within the areas of design, engineering and project execution. The basis for the products and solutions is the Sevan technology.

So far, the Company has concentrated its efforts in utilizing the Sevan technology for floating production and drilling applications. However, due to its versatility, the Sevan design may also be used for other applications, including Gas to Wire (GTW), FDPSO (Floating Drilling & Production), floating LNG (FLNG) and accommodation. Going forward, the Company will evaluate the potential for such complementary uses of the Sevan technology.

Source:Sevan Marine, February  17, 2011;

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