Sevan Marine settles arbitration with Logitel and Teekay

Sevan Marine, a cylindrical platform design provider, has entered into a settlement agreement related to an ongoing dispute with Logitel Offshore and Teekay Offshore Partners. 

Sevan Marine informed on Monday it had entered the settlement agreement with Logitel Offshore and Teekay Offshore Partners with respect to the disputed fourpartite agreement which was the subject of an ongoing arbitration process.

According to Sevan Marine’s statement, Logitel Offshore and Teekay Offshore Partners will pay Sevan Marine $4.5 million (NOK 35 million) as full and final settlement of the arbitration dispute. Payment is expected in the coming days, Sevan Marine said.

Sevan Marine’s CEO Reese McNeel said: “Receiving $4.5 million in cash and being able to put yet another legacy issue behind us is a very positive development.”

The settlement will lead to an approximate NOK 12 million accounting loss for Sevan Marine in 3Q 2017.

To remind, Sevan Marine last May took the legal action against Logitel claiming payment of the convertible loan, and in parallel began arbitration against both Logitel and Teekay Offshore Partners claiming payment approximate to the amount of one installment of the fourpartite agreement.

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply