Norwegian floating production technology player Sevan Marine reversed losses last year as lower depreciation and impairment costs lifted its bottom line despite reduced revenue.
Oslo-listed company delivered a yearly net profit from continued operations of
$31.7 million, versus a loss of $13.8 million in 2012, while recording a modest
fourth-quarter gain of $1.5 million to turn around a year-earlier loss of $43.2
yearly revenue was down slightly to $102.6 million while fourth-quarter
turnover dropped 15% over the year to $31.2 million, even though Sevan
generated earned more in the period from floater technology licensing deals on
projects such as Goliat and Western Isles and from its Kanfa topsides and
process technology unit compared with the previous quarter.
company, which is now debt free after shedding the last of its cylindrical hull
assets last year, said it would continue to focus on “strict cash management
and operational control”, having cut operating costs in the last quarter by 24%
year on year to $29.9 million.
now marketing its cylindrical concept, already in use on floating production
units and drilling rigs, for new applications including floating liquefaction
and gas-to-wire power plants.
earlier secured a deal with Logitel Offshore to convert a pair of newbuild
hulls to accommodation units, one of which has been chartered by Brazil’s state-owned