Reference is made to the press releases from June 8, 2018 and June 12, 2018 regarding the agreement to divest a part of Sevan Marine’s business to Sembcorp Marine Integrated Yards Pte. Ltd. (“SCM”).

SCM has agreed to increase its offer from USD 28 million to USD 39 million. On this basis, Sevan Marine has accepted to terminate the right to accept any alternative offer.

Teekay and a group of shareholders have also entered into an agreement whereby Teekay agrees to offer its 43.5 percent shareholding in Sevan Marine to all other shareholders in Sevan Marine on a pro rata basis for a price of NOK 10 per share, subject to adjustment for any distributions from Sevan Marine until completion of the offer.

Sevan Marine has agreed to withdraw the lawsuit against Logitel Offshore Pte Ltd. with effect from completion of the offer by Teekay. The parties have also agreed not to bring or pursue any other claims against each other and their affiliates in relation to activities prior this date.

The completion of the above offer by Teekay is subject to the following key conditions: (i) required corporate approvals in Sevan Marine; (ii) closing of the SCM transaction; (iii) the subscription of all Teekay’s shares in Sevan Marine; and (iv) regulatory approvals.

Sevan Marine has been informed that over 2/3rds of Sevan Marine’s shareholders have undertaken to vote in favor of the SCM transaction at the extraordinary general meeting to be held today, July 06, 2018.

It is expected that both the SCM transaction and sale of Teekay’s shares will be completed during late Q3 / Q4 2018. Until the earlier of (i) December 1, 2018 and (ii) close of the offer period for Teekay’s shares, Sevan Marine will defer all distributions to its shareholders.


Sevan Marine ASA is specializing in the design, engineering and project execution of floating units for offshore applications. Sevan Marine ASA is listed on the Oslo Børs with ticker SEVAN. For more information, please refer to

For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
+47 415 08 186

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs – Continuing Obligations.