Norway’s Sevan Marine has reached a settlement agreement with Logitel Offshore and Teekay Offshore Partners regarding the legality and potential claims about agreements signed among the parties.
In 2016, Sevan Marine said potential breaches of Norwegian corporate law had been highlighted during a review of agreements a convertible loan with Logitel Offshore, a subsidiary of Teekay Offshore Partners, which owns and operates accommodation units based on Sevan Marine’s cylindrical design.
The agreements in question are the $60m bond loan granted by Sevan Holding to Logitel in 2013 and the fourpartite agreement between Sevan Marine, CeFront, Logitel and Teekay signed in 2014. Sevan Marine took legal action against the two companies in May this year.
Under the settlement agreement, Logitel Offshore and Teekay Offshore Partners will pay Sevan Marine $4.5m as full and final settlement of the arbitration dispute.
“Receiving $4.5m in cash and being able to put yet another legacy issue behind us is a very positive development,” said Sevan Marine’s CEO Reese McNeel.
