Sevan Marine chairperson to step down

Norwegian engineering company Sevan Marine has informed that its chairperson of the Board will step down at the company’s annual general meeting scheduled for May 25.

The company informed on Monday that Siri Hatlen, who has been the chairperson of Sevan Marine since the restructuring of the company in 2011, has decided to withdraw her candidacy as chairperson of the Board and to step down.

As Sevan Marine announced on Monday, the company is considering taking legal action against Teekay and its subsidiary Logitel Offshore over the legality of the Logitel Offshore agreements, including the $60 million bond loan granted by Sevan Holding V AS to Logitel Offshore in 2013 and the Fourpartite Agreement entered into in 2014 between Sevan Marine, CeFront, Logitel and Teekay.

The company explained that the outcome of the settlement discussions with the involved parties, and the choice of remedies that might have to be applied by the company in the current situation, might potentially create implications for the statutory requirements as to legal competence among the directors in dealing with these issues at the Board going forward.

Siri Hatlen has consequently, in consideration of the best interests of the company and the shareholders, informed the Nomination Committee of her decision, said the company.

Sevan Marine also added it would work on finding a new candidate for the position and that the decision would be announced before the annual general meeting.

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