Teekay is Sevan's white knight
Canadian shipping giant Teekay has been unveiled as the new investor to come to the rescue of debt-ridden Norwegian floating production player Sevan Marine.
Teekay will acquire three of Sevan’s floating production, storage and offloading units as well as an ownership stake in the company under a deal signed by both parties on Friday.
The pact follows protracted discussions with bondholders and other stakeholders in Sevan to come up with a long-term restructuring plan to avert bankruptcy as the company struggled with debts of $950 million.
Sevan chief executive Carl Lieungh said the agreement in principle for a long-term restructuring of the company had been signed by the boards of both parties.
“We believe the proposed transaction with Teekay represents a good solution for all stakeholders of Sevan Marine, including our employees and customers, and also supports the further growth of the company” he said.
“We will also preserve our leading engineering and design capabilities and intellectual property. Together with Teekay as a strong industrial partner, we will be well positioned to benefit from opportunities in a growing FPSO market.”
Under the agreement, Teekay will acquire the Sevan Hummingbird, Sevan Piranema and Sevan Voyageur, along with their existing charter contracts.
It will also finance completion of the Voyageur upgrade, costs of which have ballooned to as much as $190 million – double the original estimate – and have been a major factor behind Sevan’s financial woes.
The vessel is due to work for E.ON Ruhrgas on the Huntington field off the UK, starting in the second quarter of 2012.
The Canadian company is set to acquire a “significant ownership position” in Sevan following a new equity issue to recapitalize the company, according to a Sevan statement.
Furthermore, Teekay will enter into a co-operation agreement to acquire future FPSO projects developed by Sevan.
Teekay chief executive Peter Evensen said: “Our investment reflects our confidence in Sevan’s strong offshore project development expertise while providing Teekay with an enhanced pipeline of future on-the-water FPSO growth opportunities.”
Teekay is expanding its operations in the offshore oil production, storage and transportation sector through its publicly-listed subsidiary Teekay Offshore Partners.
The transaction remains subject to the finalization of definitive documentation as well as the approval of Sevan bondholders and shareholders, chartererers and regulatory authorities. Terms of the deal will be announced next week.
Fuente: upstream.com
The pact follows protracted discussions with bondholders and other stakeholders in Sevan to come up with a long-term restructuring plan to avert bankruptcy as the company struggled with debts of $950 million.
Sevan chief executive Carl Lieungh said the agreement in principle for a long-term restructuring of the company had been signed by the boards of both parties.
“We believe the proposed transaction with Teekay represents a good solution for all stakeholders of Sevan Marine, including our employees and customers, and also supports the further growth of the company” he said.
“We will also preserve our leading engineering and design capabilities and intellectual property. Together with Teekay as a strong industrial partner, we will be well positioned to benefit from opportunities in a growing FPSO market.”
Under the agreement, Teekay will acquire the Sevan Hummingbird, Sevan Piranema and Sevan Voyageur, along with their existing charter contracts.
It will also finance completion of the Voyageur upgrade, costs of which have ballooned to as much as $190 million – double the original estimate – and have been a major factor behind Sevan’s financial woes.
The vessel is due to work for E.ON Ruhrgas on the Huntington field off the UK, starting in the second quarter of 2012.
The Canadian company is set to acquire a “significant ownership position” in Sevan following a new equity issue to recapitalize the company, according to a Sevan statement.
Furthermore, Teekay will enter into a co-operation agreement to acquire future FPSO projects developed by Sevan.
Teekay chief executive Peter Evensen said: “Our investment reflects our confidence in Sevan’s strong offshore project development expertise while providing Teekay with an enhanced pipeline of future on-the-water FPSO growth opportunities.”
Teekay is expanding its operations in the offshore oil production, storage and transportation sector through its publicly-listed subsidiary Teekay Offshore Partners.
The transaction remains subject to the finalization of definitive documentation as well as the approval of Sevan bondholders and shareholders, chartererers and regulatory authorities. Terms of the deal will be announced next week.
Fuente: upstream.com
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