Sevan Marine Asa News

The global floating LNG power vessel market was USD 931 million in 2018 and is anticipated to reach USD 1,041 million by 2025, at a CAGR of 1.61% between 2019 and 2025.The floating LNG power vessel market is likely to experience significant growth over the upcoming years, owing to the growing demand for floating LNG power vessels, increasing power generation demand, and the lack of power infrastructure, said a market report by Zion Market Research.The floating LNG power vessel market is fragmented based on component, power output, and vessel type. By component, the floating LNG power vessel market includes a power distribution system and power generation system.

Noway’s anti-corruption agency Økokrim has closed an investigation into Sevan Drilling over the company’s drilling contracts won with Petrobras between 2005 and 2008. "Reference is made to the public announcement by Sevan Drilling dated 16 October 2015 regarding Økokrim's investigation of the Company's subsidiary Sevan Drilling ASA in respect of payments made to agents in relation to drilling contracts originally awarded by Petrobras to Sevan Marine ASA in the period between 2005-2008," said a press release from the company. It has been notified that Økokrim today has completed the investigation against Sevan Drilling ASA and the orginal charges have been dismissed.

Shell announced the final investment decision for the Penguins field redevelopment project in the U.K. sector, which includes the construction of a new-build Sevan Marine designed cylindrical floating production, storage and offloading (FPSO) vessel. The Penguins field is in 165 metres of water, approximately 150 miles north east of the Shetland Islands. Discovered in 1974, the field was first developed in 2002 and is a joint venture between Shell (50 percent and operator) and ExxonMobil (50 percent). The Penguins field currently processes oil and gas using four existing drill centres tied back to the Brent Charlie platform. The redevelopment of the field…

Carl Lieungh will step down as CEO of Sevan Marine ASA effective January 1, 2017. The company’s board of directors has appointed current CFO Reese McNeel to take up the CEO role while continuing to carry out the CFO function.   Under the agreement reached between Lieungh and the board, Lieungh will step down as CEO but will continue as an advisor to the board of directors with responsibilities related to various tasks within the group until the end of 2017.

Sevan Marine ASA said it has disposed 50 percent of its stake in KANFA Aragon AS to Sembcorp Marine Ltd. for cash consideration of NOK 20 million, representing a step in the company’s efforts to cut costs and complexity while increasing its focus on its core cylindrical hull technology.   The transaction was completed and funds were received June 28, 2016, Sevan Marine said.   The sale will generate a one-time financial gain of approximately $1 million in the Sevan Marine Group in Q2 2016.

HiLoad LNG AS, a subsidiary of Sevan Marine ASA, and Technip presented together this year the HiLoad LNG Parallel Loading System (PLS) at OTC. This system utilizes the HiLoad LNG unit for station keeping and Technip’s cryogenic flexible aerial pipes to transfer LNG from a FLNG unit (either a Sevan Marine Cylindrical unit or ship shaped FLNG) to a fully conventional LNGC with no modifications necessary. The combination of the HiLoad LNG unit and Technip’s cryogenic pipes was simulated last year at MARIN’s facilities in Holland. The successful outcome of this simulation demonstrated the ability of the system to maintain vessel separation of 100m or more in rough environmental conditions and with a minimum length of the LNG transfer lines.

Norway's Offshore drilling firm Sevan Marine ASA has appointed law firm Selmer to investigate claims by Brazilian media that a former manager and agent of Sevan Marine are connected to the Brazilian authorities' investigation into corrupt activities involving Petrobras. The company has offered full co-operation and has been in contact with the relevant authorities on this matter. A statement from the company says: "Sevan Marine has recently become aware of articles in the Brazilian press which refer to a former manager and agent of Sevan Marine being named in connection with the Brazilian authorities' investigation into corrupt activities involving Petrobras and Operation Car Wash (Lava Jato).

Kongsberg Maritime Engineering (KME) has signed a contract with Gina Krog LLC, a subsidiary of Teekay Shipping AS, for supply of an Integrated Control and Safety System (ICSS) and Power package to the Gina Krog FSO (Floating Storage and Offloading) unit, to be delivered to the Statoil operated Gina Krog field on the Norwegian continental shelf, North Sea. Teekay recently entered an agreement with Statoil to provide the FSO for the Gina Krog field. The $220 million conversion project is expected to be completed in the first quarter of 2017, before the newly converted FSO unit will commence operations under a time-charter contract to Statoil. operation on the FSO.

Kongsberg Maritime Engineering (KME) has signed a contract with Gina Krog LLC, a subsidiary of Teekay Shipping AS, for supply of an Integrated Control and Safety System (ICSS) and Power package to the Gina Krog FSO (Floating Storage and Offloading) unit, to be delivered to the Statoil operated Gina Krog field on the Norwegian continental shelf, North Sea. Teekay recently entered an agreement with Statoil to provide the FSO for the Gina Krog field. The $220 million conversion project is expected to be completed in the first quarter of 2017…