Sevan Marine ASA has entered into a settlement agreement with Logitel Offshore Pte. Ltd and Teekay Offshore Partners LP with respect to the disputed Fourpartite Agreement which was the subject of an ongoing arbitration process.
Logitel Offshore Pte. Ltd and Teekay Offshore Partners LP will pay Sevan Marine ASA USD 4.5 million (NOK 35 million) as full and final settlement of the arbitration dispute. Payment is expected in the coming days.
“Receiving USD 4.5 million in cash and being able to put yet another legacy issue behind us is a very positive development” said Sevan Marine’s CEO Reese McNeel.
The settlement will lead to an approximate NOK 12 million accounting loss for Sevan Marine ASA in Q3 2017.
Source: Sevan Marine