Sevan Marine will no longer be obligated to buy services from CeFront Technology after the two companies today agreed to terminate their cooperation agreement.
Subsequently, CeFront will no longer market or have access to Sevan Marine’s technology, and Sevan will no longer have preferential rights to use CeFront’s services.
“Sevan Marine will make no additional payments under the cooperation agreement. This represents an approximate NOK 30m [$3.4m] saving in current and future payment obligations for Sevan Marine,” the Oslo-listed company said.
“Given the market situation and prospects going forward, there was no natural ground for having cooperation agreement in place,” Sevan’s CEO Carl Lieungh told Splash by phone today, adding he expects the companies would cooperate again if market conditions improve in the future.
CeFront was formed in 2013 to develop technology, design and projects for Sevan and other customers by Sevan’s co-founder Arne Smedal.