For several months last year it was touch and go, after intense negotiations with bondholders, shareholders and creditors as the stock plunged and upgrade costs for its Voyageur vessel ballooned.
The company with the distinctive cylindrical vessels managed to stay afloat due to a deal in October last year with industry heavyweight Teekay, which agreed to buy Sevan Marine’s three floating production, storage and offloading vessels and become the company’s largest shareholder.
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