Sevan delays delivery of offshore accommodation vessels

Sevan delays delivery of offshore accommodation vessels

Athens: Logitel Offshore, part of Sevan Marine, has delayed delivery of an offshore accommodation vessel it has under construction at China’s Cosco shipyard by up to 12 months until October 2016. Work on another unit has been halted for 120 days.

The company has told Cosco it will not exercise its option to build a fourth accommodation unit at the yard.

“These factors, combined with the market outlook, are expected to lead to a non-cash impairment in the range of $35m-40m in the carrying value of the convertible loan and accrued interest,” parent company Sevan said in a filing to the Oslo stock exchange today.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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