Sevan Marine, a cylindrical platform design provider, has entered into a settlement agreement related to an ongoing dispute with Logitel Offshore and Teekay Offshore Partners.
Sevan Marine informed on Monday it had entered the settlement agreement with Logitel Offshore and Teekay Offshore Partners with respect to the disputed fourpartite agreement which was the subject of an ongoing arbitration process.
According to Sevan Marine’s statement, Logitel Offshore and Teekay Offshore Partners will pay Sevan Marine $4.5 million (NOK 35 million) as full and final settlement of the arbitration dispute. Payment is expected in the coming days, Sevan Marine said.
Sevan Marine’s CEO Reese McNeel said: “Receiving $4.5 million in cash and being able to put yet another legacy issue behind us is a very positive development.”
The settlement will lead to an approximate NOK 12 million accounting loss for Sevan Marine in 3Q 2017.
To remind, Sevan Marine last May took the legal action against Logitel claiming payment of the convertible loan, and in parallel began arbitration against both Logitel and Teekay Offshore Partners claiming payment approximate to the amount of one installment of the fourpartite agreement.