Sevan reports losses but sees future prospects

For the second quarter, Norwegian oilfield services group, Sevan Marine, has posted losses before interest and tax of US$17 million.

In a statement the company said: “Recent feedback from the market indicates an increase in future project activities, and Sevan is well positioned to benefit from this development… A slowdown in contract awards was seen towards the end of 2008... affected by recent financial turmoil. However, several FPSO projects are still expected to be realised.”

Sevan Marine designs, builds and owns floating rigs for offshore oil and gas exploration, including a cylinder-shaped unit that has won a design phase contract for the Goliat field, the first oil development in the Barents Sea. Sevan said it estimated the value of its Goliat work at US$400 million. TST