The Oslo-listed floater technology player reported a net loss of $11.6 million, compared with a year-earlier loss of $39.1 million, as it earned revenue of $16.9 million largely from licensing deals for its cylindrical concept versus $15.5 million in the same period of 2015.
The company said it “faces a difficult market with many key prospects continuing to be delayed”.
Sevan added it “expects floating production cash flow to be negative in the coming few quarters due to ongoing operating losses driven by a lack of work and licence fees”.
Work
