Quarterly Report • Nov 9, 2016
Quarterly Report
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SEVAN MARINE ASA 2 INTERIM FINANCIAL REPORT Third Quarter 2016
| Main Events and Developments, Third Quarter 2016 3 | |
|---|---|
| Sevan Marine 4 | |
| Main Figures, Third Quarter 2016 4 | |
| Business Segments 4 | |
| Outlook . 5 |
| Condensed Consolidated Income Statement 6 | |
|---|---|
| Statement of Comprehensive Income 6 | |
| Condensed Consolidated Balance Sheet 7 | |
| Condensed Consolidated Cash Flow Statement 8 | |
| Condensed Consolidated Statement of Changes in Equity 9 | |
| Key Figures 9 |
| Note 1 | General accounting principles 10 |
|---|---|
| Note 2 | Related party transactions 10 |
| Note 3 | Segment information 11 |
| Note 3 | Segment information 12 |
| Note 4 | Shareholder structure 13 |
| Note 5 | Events after balance sheet date 14 |
FOR
Sevan Marine has continued to provide engineering support for the UK sector FPSO prospect during the quarter. Sevan Marine will continue to support the project through 2016 and 2017. Payments under the License Agreement remain subject to the field developers' final investment decision and start of construction of the unit, which is now expected late 2017.
The FLNG feasibility study for a specific FLNG field development with a U.S. oil major continued during the quarter and is expected to run through the end of 2016. Sevan Marine expects that the project will continue in 2017.
Sevan Marine continued to provide engineering and site support services for the Goliat, Logitel Offshore and Dana Western Isles projects. Work on the Logitel Offshore project ended in Q3 2016 as the construction contracts with the yard in China have been cancelled. The work for Sevan Marine on the Goliat project is declining and expected to finish in the coming months with the vessel now successfully producing in the Barents Sea.
Sevan Marine is entitled to a variable license fee linked to production with respect to the Dana Western Isles project. Sevan Marine continues to support the construction of the vessel at the COSCO yard in China, and Dana has announced that the FPSO should commence production in the second half of 2017.
Sevan Marine continued to work on new applications for its cylindrical technology, including participating in the Clean Electricity Production from Offshore Natural Gas (CEPONG) study being supported by the Scandinavian research institute SINTEF and other industrial partners. The CEPONG study includes evaluating the use of a cylindrical hull as an offshore natural gas power plant with CO2 capture and reinjection.
Sevan Marine also continued development work on its ultra-deepwater application using steel catenary risers (SCRs). Sevan Marine hopes to obtain approval to use its unique cylindrical design with steel catenary risers as a non-disconnectable FPSO with the ability to retain cargo during a hurricane. This would be a first in the U.S. Gulf of Mexico, and Sevan Marine believes it will provide a substantially cheaper solution compared to the disconnectable, turret based solutions used today.
The industry focus on cost-effective solutions and increased acceptance of the Sevan Marine cylindrical design is leading to increased early phase study work. During the quarter, Sevan Marine was awarded a study from OMV Norge AS to evaluate the Sevan Marine cylindrical hull design for application on the Wisting field development in the Barents Sea. In addition, Sevan Marine completed a study for an oil major regarding the use of the Sevan Marine design for a gas development in the Caribbean.
The Sevan Marine cylindrical design is widely seen by oil majors around the world as a credible and proven alternative to other floating installation designs. The inherent advantages are well understood. Amongst these are excellent motion characteristics, lower operating costs, high deck load capacity, large storage space and substantial lower construction cost compared with alternatives when a turret is needed. Sevan Marine remains optimistic that the increased industry focus on cost-effective solutions will continue to lead to increased study work for the Company as the market improves.
In order to align the organization with the expected lower activity level in the industry in 2017, further cost reduction initiatives were started in Q3. An additional headcount reduction of 10 to 15 people will be carried out in Q4 2016. A change in leadership was announced in October 2016 which will take effect from January 01, 2017 with the CEO Carl Lieungh stepping down and the current CFO Reese McNeel assuming the role as CEO and CFO. As a result of these restructuring measures, the Company will take a one-off restructuring charge in Q4 2016 in the range of USD 1.0 to 1.5 million. The Company has taken substantial cost reduction measures over the past 24 months including reductions in staff and overhead cost of more than 50 percent.
HiLoad LNG continued the marketing and development of both the HiLoad LNG offloading system for FLNG and the Floating Regas Dock ("FRD") for small scale regasification projects. With respect to the FRD, initial Pre-FEED work for the Vires Energy Corporation project in the Philippines was completed in Q2 2016. HiLoad LNG is currently in discussions with Vires regarding future cooperation. The FRD has attracted substantial interest and is a cost effective alternative to standard FSRU solutions, particularly for small scale regasification projects.
The KANFA group saw improved results in the quarter driven by the further recognition of margin on the USD 50 million OCTP project from Yinson Production. Workload across the KANFA group declined during the quarter with projects now completed and limited new work coming in.
We refer to the Q2 2016 earnings release and comments made regarding the circumstances surrounding the legality and claims in relation to the Logitel Offshore Agreements. Sevan Marine is dedicated to seeking the best outcome for the Company and its shareholders.
In this regard, Sevan Marine has commenced legal action against Logitel Offshore Pte Ltd claiming payment of approximately USD 60 million in relation to the Logitel loan, and in parallel has commenced arbitration against both Logitel Offshore Pte Ltd and Teekay Offshore Partners LP claiming payment of an amount of approximately USD 10 million in relation to the Fourpartite Agreement. Sevan Marine reserves the right to, at any time, pursue other involved parties. Agreements suspending time-bar limitations have been entered into with such involved parties.
The outcome of this situation, any potential recovery of value and the timing of such recover remains uncertain. As such, there remains material uncertainty regarding both the amount and timing of any payments in relation to the Logitel agreements.
The Board has communicated an intention to pay a dividend depending upon developments. Given the uncertain market outlook, the weak financial results and the unresolved situation with regard to Logitel Offshore, no dividend is planned for 2016.
Sevan Marine is a technology, project development and engineering company. Sevan Marine has developed a cylinder shaped floater suitable for the offshore environment. Sevan Marine is delivering products and solutions based on its unique design to the E&P industry, utilizing its core competencies within the areas of design, engineering and project execution.
The Group has no interest-bearing debt and focuses on securing work under an engineering support and technology license model within the FPSO, FSO and FLNG market, as well as within other offshore markets.
Sevan Marine´s business segment Topside and Process Technology contributes with a substantial portion of the Group's total revenue. Within this segment, Sevan Marine has entered into a strategic partnership with Technip. In 2014 Sevan Marine agreed to sell 49 percent of KANFA AS to Technip Norge AS ("Technip"). Technip has the option to take over the remaining 51 percent of KANFA AS in 2017 based on a multiple of 2014, 2015 and 2016 results.
Operating revenue for the third quarter 2016 was USD 5.1 million (USD 16.9 million). EBITDA was negative USD 0.8 million (negative USD 0.3 million), and operating loss was USD 0.8 million (loss of USD 0.4 million). Net profit was USD 0.4 million (loss of USD 11.6 million). EBITDA is positively impacted by results in the Topside and Process segment where further margin on the OCTP project has been recognized in the quarter. The net profit in the quarter is positively impacted by book gains on currency holdings and the reversal of a historical tax provision related to the completion of the Goliat project.
As of Q3 2016, cash and cash equivalents amounted to USD 27.0 million (USD 31.7 million). The change in cash and cash equivalents is largely attributable to working capital changes in the Topside and Process segment as well as continuing operating losses. It is expected that the working capital change in the Topside and Process segment will improve in Q4 2016 when further project milestone payments are expected to be received. Floating Production cash flow is expected to remain negative for the coming quarters due to ongoing operating losses and further restructuring charges driven by a lack of sufficient work load and license fees.
The equity ratio was 57.4 percent as of September 30, 2016 (51.3 percent).
The Group's segment reporting is divided into: (i) Floating Production and (ii) Topside and Process Technology.
The main activities in the Floating Production segment relate to engineering and project management in ongoing projects, for example Goliat, the Dana Petroleum Western Isles project, Logitel Offshore, the UK North Sea prospect, the FLNG feasibility study and several smaller engineering studies for potential new FLNG/FPSO/FSO and HiLoad projects.
The Q3 2016 result in Floating Production remains unsatisfactory. External revenue in Q3 2016 amounted to USD 2.6 million (USD 4.1 million), and EBITDA was negative USD 0.9 million (negative USD 2.4 million). Q3 2016 EBITDA is driven by reduced revenue which is only partially offset by cost savings.
The total assets were USD 36.3 million (USD 38.1 million). The Floating Production segment held USD 25.8 million (USD 26.9 million) in cash and cash equivalents on September 30, 2016.
This business segment consists of the activities of the KANFA group. External revenue in Q3 2016 was USD 2.4 million (USD 12.8 million). EBITDA was positive USD 0.1 million (positive USD 2.1 million). Revenue is negatively impacted by the completion of projects, lack of new projects and the sale of KANFA Aragon in Q2 2016. EBITDA is positively impacted by further margin recognition on the OCTP project.
The total assets were USD 12.0 million (USD 15.0 million). The Topside and Process Technology segment held USD 1.2 million (USD 4.8 million) in cash and cash equivalents on September 30, 2016. The large decrease in cash is largely related to working capital in the OCTP project. Sevan Marine ASA has issued guarantees to support overdraft, guarantee and foreign exchange facilities for KANFA.
The Board is of the opinion that the increased focus on cost effective solutions in the petroleum industry will be favourable for the Company in the medium to longer term. Floating units based on Sevan Marine's technology represent inherent advantages. Amongst these are excellent motion characteristics, lower operating costs, high deck load capacity, large storage space and substantial lower cost compared with alternatives when a turret is needed.
Sevan Marine continues to face a difficult market with many of its key prospects being further delayed in Q3. 2016 and 2017 will be challenging years.
In the Floating Production segment, work on the Dana Western Isles and UK sector FPSO projects is expected to continue through 2016 and 2017. Sevan Marine is expecting the variable license fee related to the Dana Western Isles project to start generating revenue from
late 2017 while the license fee on the UK sector FPSO opportunity is also now expected late 2017. Sevan Marine expects that it can secure further feasibility study work in 2017 particularly in relation to the FLNG project with the U.S. oil major and Barents Sea opportunities.
Sevan Marine is hopeful that the Vires Energy Corporation project in the Philippines will proceed with further FEED and follow-up work related to the FRD provided by HiLoad during 2017 and that the high interest in the FRD will materialize into further revenue in 2017.
In the Topside and Process segment, KANFA AS does not expect to be awarded any substantial process package awards in 2016 given the low market activity. KANFA is tendering on several projects which may lead to additional work from 2017. Cost reduction measures are being taken as workload is insufficient. Sevan Marine is considering its strategic options with respect to its investment in KANFA AS.
Sevan Marine has received substantially increased interest in its unique design from many, high quality, global oil and gas majors. Sevan Marine believes this is a reflection of the changing market place, increased willingness of oil majors to consider different technologies and Sevan Marine's own business development efforts.
Sevan Marine is confident given its unique cost effective solutions, the increased market interest, its solid cash position and cost reduction plans that it has the resources and ability to successfully weather the current slowdown in activity and to regain profitability in years to come.
Sevan Marine is focussing its efforts on independently developing, marketing and supporting the execution of projects based on its unique designs and engineering competence. In doing such, the Company is seeking to work with industry leading partners and clients to further promote and develop its designs and concepts.
Oslo, November 8, 2016 The Board of Directors of Sevan Marine ASA
_________________________ _________________________ Erling Øverland Peter Lytzen
_________________________ _________________________ _________________________
Board Member Board Member Board Member
_________________________ _________________________ _________________________
Chairman Board Member
Ingvild Sæther Kjetil Sjursen Kathryn M. Baker
Vidar Andersen Ann-Kristin Nielsen Løvland Carl Lieungh Employee Representative Employee Representative CEO
| Unaudited figures in USD million | Note | Q3 16 | Q2 16 | 30.09.2016 | Q3 15 | 30.09.2015 | 2015 |
|---|---|---|---|---|---|---|---|
| Operating revenue | 2 | 5.1 | 16.9 | 43.0 | 21.8 | 52.8 | 80.0 |
| Operating expense | -5.8 | -17.5 | -50.7 | -23.6 | -60.1 | -90.0 | |
| EBITDAFX | -0.7 | -0.6 | -7.7 | -1.8 | -7.4 | -10.0 | |
| Foreign exchange gain/(loss) relating to operation | 0.0 | 0.3 | -0.3 | -0.1 | -0.3 | -0.7 | |
| EBITDA | -0.8 | -0.3 | -8.1 | -1.9 | -7.6 | -10.7 | |
| Depreciation, amortization and impairment | -0.1 | -0.1 | -0.2 | -6.1 | -6.3 | -6.4 | |
| Operating profit/(loss) | -0.8 | -0.4 | -8.3 | -8.0 | -13.9 | -17.1 | |
| Financial income/(expense) | 0.1 | -11.0 | -13.1 | -0.4 | -37.5 | -37.5 | |
| Foreign exchange gain/(loss) relating to financing | 0.5 | -0.1 | 1.4 | -1.3 | -1.8 | -2.7 | |
| Net financial items | 0.5 | -11.2 | -11.7 | -1.7 | -39.3 | -40.2 | |
| Profit/(loss) before tax | -0.3 | -11.6 | -20.0 | -9.7 | -53.2 | -57.2 | |
| Tax income/(expense) | 0.7 | 0.0 | 0.7 | -0.3 | -0.4 | -4.8 | |
| Net profit/(loss) | 0.4 | -11.6 | -19.3 | -10.0 | -53.6 | -62.0 |
| Unaudited figures in USD million | Q3 16 | Q2 16 | 30.09.2016 | Q3 15 | 30.09.2015 | 2015 |
|---|---|---|---|---|---|---|
| Net profit/(loss) | 0.4 | -11.6 | -19.3 | -10.0 | -53.6 | -62.0 |
| Actuarial gains/losses | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 |
| Foreign currency translation | 0.2 | -0.1 | 0.1 | 0.3 | 0.6 | 0.8 |
| Total comprehensive income | 0.6 | -11.6 | -19.2 | -9.7 | -52.9 | -61.1 |
| Unaudited figures in USD million | Note | 30.09.16 | 30.06.16 | 30.09.15 | 31.12.15 |
|---|---|---|---|---|---|
| Fixed assets | 0.5 | 0.5 | 0.7 | 0.6 | |
| Intangible assets | 1.2 | 1.2 | 0.6 | 1.3 | |
| Investments in associates | 0.0 | 0.0 | 0.4 | 0.0 | |
| Deferred income tax assets | 0.0 | 0.0 | 0.1 | 0.0 | |
| Loan | 0.0 | 0.0 | 16.0 | 16.0 | |
| Other non-current assets | 5.4 | 5.4 | 10.0 | 5.4 | |
| Total non-current assets | 7.1 | 7.1 | 27.8 | 23.3 | |
| Trade and other receivables | 2 | 14.2 | 14.2 | 19.0 | 26.7 |
| Cash and cash equivalents | 27.0 | 31.7 | 38.1 | 36.6 | |
| Total current assets | 41.3 | 45.9 | 57.1 | 63.3 | |
| Total assets | 48.3 | 53.1 | 84.9 | 86.6 | |
| Share capital | 4 | 34.6 | 34.6 | 34.6 | 34.6 |
| Other equity | -6.8 | -7.4 | 15.7 | 8.4 | |
| Total shareholders' equity | 27.8 | 27.2 | 50.3 | 43.0 | |
| Non-controlling interest | 1.1 | 1.0 | 7.7 | 6.8 | |
| Total equity | 28.9 | 28.2 | 58.0 | 49.8 | |
| Retirement benefit obligations | 0.8 | 0.8 | 0.9 | 0.9 | |
| Other non-current liabilities/provisions | 0.3 | 0.3 | 0.3 | 0.3 | |
| Total non-current liabilities | 1.1 | 1.1 | 1.3 | 1.2 | |
| Current liabilities | 2 | 18.3 | 23.7 | 25.7 | 35.5 |
| Total current liabilities | 18.3 | 23.7 | 25.7 | 35.5 | |
| Total liabilities | 19.5 | 24.8 | 26.9 | 36.7 | |
| Total equity and liabilities | 48.3 | 53.1 | 84.9 | 86.6 |
| Unaudited figures in USD million | 30.09.16 | Q3 16 | Q2 16 | Q1 16 | 30.09.15 | 2015 |
|---|---|---|---|---|---|---|
| Cash flows from operation activities | ||||||
| Cash from operations | -8.5 | -4.7 | -12.0 | 8.2 | 1.7 | 0.4 |
| Taxes paid | -3.5 | 0.0 | 0.0 | -3.5 | -0.7 | -0.9 |
| Net cash generated from operating activities | -12.0 | -4.7 | -12.0 | 4.7 | 1.0 | -0.5 |
| Cash flows from investment activities | ||||||
| Purchase of property, plant and equipment (PPE) | 0.0 | 0.0 | 0.0 | 0.0 | -0.1 | -0.1 |
| Purchase of intangible assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.8 |
| Sale of shares KANFA Aragon | 2.4 | 0.0 | 2.4 | 0.0 | 0.0 | 0.0 |
| Repayment of Logitel loan | 0.0 | 0.0 | 0.0 | 0.0 | 10.0 | 10.0 |
| Net cash flow from investment activities | 2.4 | 0.0 | 2.4 | 0.0 | 9.9 | 9.1 |
| Cash flows from financing activities | ||||||
| Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net cash flow from financing activities | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net cash flow for the period | -9.6 | -4.7 | -9.6 | 4.7 | 10.8 | 8.7 |
| Cash balance at beginning of period | 36.6 | 31.7 | 41.3 | 36.6 | 27.3 | 27.3 |
| Cash balance at end of period | 27.0 | 27.0 | 31.7 | 41.3 | 38.1 | 36.6 |
| Debt to credit institutions | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.6 |
| Net cash balance at end of period | 27.0 | 27.0 | 31.7 | 41.3 | 38.1 | 36.0 |
* Cash from operations in Q2 16 and per 30.09.16 includes a negative deconsolidation effect of USD 1.4 million related to the sale of KANFA Aragon AS.
| Unaudited figures in USD million | Share | Share | Retained Non-controlling | Total | |
|---|---|---|---|---|---|
| Capital | Premium | Earnings | Interest | Equity | |
| Equity as of December 31, 2015 | 34.6 | 21.0 | -12.6 | 6.8 | 49.8 |
| Total comprehensive income for the period | -14.3 | -4.9 | -19.2 | ||
| Disposal of KANFA Aragon | -0.9 | -0.9 | -1.8 | ||
| Equity as of September 30, 2016 | 34.6 | 21.0 | -27.8 | 1.1 | 28.9 |
| Share | Share | Retained Non-controlling | Total | ||
| Unaudited figures in USD million | Capital | Premium | Earnings | Interest | Equity |
| Equity as of December 31, 2014 | 34.6 | 21.0 | 46.8 | 8.6 | 111.0 |
| Total comprehensive income for the period | -52.0 | -0.9 | -52.9 | ||
| Equity as of September 30, 2015 | 34.6 | 21.0 | -5.2 | 7.7 | 58.0 |
| Unaudited figures in USD million | Note | Q3 16 | Q2 16 | 30.09.2016 | Q3 15 | 30.09.2015 | 2015 |
|---|---|---|---|---|---|---|---|
| Basic earnings per share (USD) | a | 0.01 | -0.22 | -0.37 | -0.19 | -1.02 | -1.18 |
| Diluted earnings per share (USD) | b | 0.01 | -0.22 | -0.37 | -0.19 | -1.02 | -1.18 |
| Equity ratio | c | 57.4 % | 51.3 % | 57.4 % | 59.2 % | 59.2 % | 49.7 % |
| No. of outstanding shares (million) | 52.6 | 52.6 | 52.6 | 52.6 | 52.6 | 52.6 | |
| No. of shares fully diluted (million) | 52.6 | 52.6 | 52.6 | 52.6 | 52.6 | 52.6 | |
| Average no. of outstanding shares (million) | 52.6 | 52.6 | 52.6 | 52.6 | 52.6 | 52.6 | |
| Average no. of shares fully diluted (million) | 52.6 | 52.6 | 52.6 | 52.6 | 52.6 | 52.6 | |
| Share price (NOK) | 19.2 | 22.9 | 19.2 | 17.6 | 17.6 | 17.3 | |
| Market capitalization (NOK, million) | d | 1,010 | 1,205 | 1,010 | 926 | 926 | 910 |
| Number of employees | 101 | 112 | 101 | 177 | 177 | 171 |
a) Net profit / average no. of outstanding shares
b) Net profit / average no. of shares fully diluted
c) (Total shareholders' equity / total assets) x 100
d) Latest quoted share price of the reporting period x no. of outstanding shares
Sevan Marine ASA is a technology, project development and engineering company.
Sevan Marine ASA is a public limited company, incorporated and domiciled in Norway. The condensed consolidated interim financial statements consist of the Group and the Group's interests in associated companies.
The Group prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by EU and these financial statements have been prepared in accordance with the International Accounting Standard for Interim Financial Reporting (IAS 34). As the interim financial statements do not include the full information and disclosures as required in the annual financial statements, it should be read in connection with the Annual Financial Statements for 2015.
The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Annual Financial Statements for the year ended December 31, 2015.
The Group has the following transactions and balances relating to related party companies:
| Unaudited figures in USD million | Q3 16 | Q2 16 | 30.09.2016 | Q3 15 | 30.09.2015 | 2015 |
|---|---|---|---|---|---|---|
| Sale to related party | ||||||
| Sale to Teekay | 0.0 | 0.0 | 0.2 | 0.4 | 0.7 | 1.9 |
| Sale to Logitel Offshore | 0.6 | 0.9 | 2.5 | 1.2 | 5.5 | 8.7 |
| Financial income from Logitel Offshore | 0.0 | 0.0 | 0.0 | 0.0 | 0.5 | 0.0 |
| Purchase from related party | ||||||
| Teekay | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 |
| Purchase from Arendal Brygge | 0.0 | 0.1 | 0.3 | 0.1 | 0.3 | 0.4 |
| Receivable from related party | ||||||
| Receivable from Teekay | 0.0 | 0.0 | 0.0 | 0.3 | 0.3 | 0.2 |
| Receivable from Arendal Brygge | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 |
| Receivable from Logitel Offshore | 5.9 | 6.2 | 5.9 | 11.2 | 11.2 | 10.7 |
| Loan to related party | ||||||
| Logitel Offshore | 0.0 | 0.0 | 0.0 | 16.0 | 16.0 | 16.0 |
Logitel Offshore became related party to Sevan Marine in Q3 2014, when Teekay acquired all the shares in Logitel Offshore. The sale figures towards Logitel Offshore reflects sale of engineering and site supervision services in addition to accrued license revenue.
| Segments | ||||||||
|---|---|---|---|---|---|---|---|---|
| Topside and | ||||||||
| Floating | Process | |||||||
| Quarterly data | Production | Technology** | Eliminations | Total | ||||
| Q3 16 | Q3 15 | Q3 16 | Q3 15 | Q3 16 | Q3 15 | Q3 16 | Q3 15 | |
| External revenue | 2.6 | 4.8 | 2.4 | 17.0 | 0.0 | 0.0 | 5.1 | 21.8 |
| Internal revenue | 0.0 | 0.2 | 0.0 | 0.0 | 0.0 | -0.2 | 0.0 | 0.0 |
| Total revenue | 2.6 | 5.0 | 2.4 | 17.0 | 0.0 | -0.2 | 5.1 | 21.8 |
| Operating expense | -3.5 | -7.1 | -2.3 | -16.7 | 0.0 | 0.2 | -5.8 | -23.6 |
| EBITDAFX | -0.9 | -2.1 | 0.2 | 0.3 | 0.0 | 0.0 | -0.7 | -1.8 |
| Foreign exch. gain/(loss), operation | 0.0 | -0.2 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | -0.1 |
| EBITDA | -0.9 | -2.3 | 0.1 | 0.4 | 0.0 | 0.0 | -0.8 | -1.9 |
| Depreciation, amortization and impairment | -0.1 | -6.1 | 0.0 | 0.0 | 0.0 | 0.0 | -0.1 | -6.1 |
| Operating profit/(loss) | -0.9 | -8.4 | 0.1 | 0.4 | 0.0 | 0.0 | -0.8 | -8.0 |
| Financial income/(expense) | 0.1 | -0.4 | ||||||
| Foreign exch. gain/(loss), financing | 0.5 | -1.3 | ||||||
| Net financial items | 0.5 | -1.7 | ||||||
| Profit/(loss) before tax | -0.3 | -9.7 | ||||||
| Tax income/(expense) | 0.7 | -0.3 | ||||||
| Net profit/(loss) continued operation | 0.4 | -10.0 | ||||||
| Segment assets | 36.3 | 68.8 | 12.0 | 15.7 | 0.0 | 0.0 | 48.3 | 84.5 |
| Inv.m. in assoc. (equity method) | 0.0 | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.4 |
| Total assets* | 36.3 | 69.2 | 12.0 | 15.7 | 0.0 | 0.0 | 48.3 | 84.9 |
| Segment liabilities | 9.0 | 12.0 | 10.5 | 14.9 | 0.0 | 0.0 | 19.5 | 26.9 |
| Total liabilities* | 9.0 | 12.0 | 10.5 | 14.9 | 0.0 | 0.0 | 19.5 | 26.9 |
* For assets and liabilities both intra-segment balances and inter-segment balances are eliminated within the segment.
** Topside and Process Technolgy segment consists of KANFA AS Group on a 100% consolidated basis. Sevan Marine's ownership of KANFA AS is 51% and Sevan Marine's 50% ownership in KANFA Aragon was sold on June 28, 2016. Sevan Marine ASA has issued guarantees to support overdraft, guarantee and foreign exchange facilities for KANFA AS.
| Segments | ||||||||
|---|---|---|---|---|---|---|---|---|
| Topside and | ||||||||
| Floating | Process | |||||||
| YTD data | Production | Technology** | Eliminations | Total | ||||
| 30.09.2016 | 30.09.2015 | 30.09.2016 | 30.09.2015 | 30.09.2016 | 30.09.2015 | 30.09.2016 | 30.09.2015 | |
| External revenue | 11.8 | 22.5 | 31.2 | 30.3 | 0.0 | 0.0 | 43.0 | 52.8 |
| Internal revenue | 0.3 | 0.4 | 0.0 | 0.0 | -0.3 | -0.4 | 0.0 | 0.0 |
| Total revenue | 12.1 | 22.9 | 31.2 | 30.3 | -0.3 | -0.4 | 43.0 | 52.8 |
| Operating expense | -22.7 | -28.1 | -28.3 | -32.4 | 0.3 | 0.4 | -50.7 | -60.1 |
| EBITDAFX | -10.6 | -5.2 | 2.9 | -2.1 | 0.0 | 0.0 | -7.7 | -7.4 |
| Foreign exch. gain/(loss), operation | -0.3 | -0.4 | 0.0 | 0.1 | 0.0 | 0.0 | -0.3 | -0.3 |
| EBITDA | -10.9 | -5.6 | 2.9 | -2.0 | 0.0 | 0.0 | -8.1 | -7.6 |
| Depreciation, amortization and impairment | -0.2 | -6.3 | 0.0 | -0.1 | 0.0 | 0.0 | -0.2 | -6.3 |
| Operating profit/(loss) | -11.1 | -11.9 | 2.8 | -2.0 | 0.0 | 0.0 | -8.3 | -14.0 |
| Financial income/(expense) | -13.1 | -37.5 | ||||||
| Foreign exch. gain/(loss), financing | 1.4 | -1.8 | ||||||
| Net financial items | -11.7 | -39.3 | ||||||
| Profit/(loss) before tax | -20.0 | -53.3 | ||||||
| Tax income/(expense) | 0.7 | -0.4 | ||||||
| Net profit/(loss) continued operation | -19.3 | -53.6 | ||||||
| Segment assets | 36.3 | 68.8 | 12.0 | 15.7 | 0.0 | 0.0 | 48.3 | 84.5 |
| Inv.m. in assoc. (equity method) | 0.0 | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.4 |
| Total assets* | 36.3 | 69.2 | 12.0 | 15.7 | 0.0 | 0.0 | 48.3 | 84.9 |
| Segment liabilities | 9.0 | 12.0 | 10.5 | 14.9 | 0.0 | 0.0 | 19.5 | 26.9 |
| Total liabilities* | 9.0 | 12.0 | 10.5 | 14.9 | 0.0 | 0.0 | 19.5 | 26.9 |
* For assets and liabilities both intra-segment balances and inter-segment balances are eliminated within the segment.
** Topside and Process Technolgy segment consists of KANFA AS Group on a 100% consolidated basis. Sevan Marine's ownership of KANFA AS is 51% and Sevan Marine's 50% ownership in KANFA Aragon was sold on June 28, 2016. Sevan Marine ASA has issued guarantees to support overdraft, guarantee and foreign exchange facilities for KANFA AS.
| Shareholder accounts | No. of shares | %-share | |
|---|---|---|---|
| TEEKAY SERVICE HOLDI | 22,893,631 | 43.52 | |
| HOME CAPITAL AS | 2,435,448 | 4.63 | |
| F2 FUNDS AS | 1,687,577 | 3.21 | |
| MATHIAS HOLDING AS | 1,500,000 | 2.85 | |
| DEUTSCHE BANK AG | 1,271,422 | 2.42 | |
| SUNDT AS | 1,257,486 | 2.39 | |
| KING KONG INVEST AS | 1,250,000 | 2.38 | |
| GOLDMAN SACHS INTERN | 1,249,976 | 2.38 | |
| MP PENSJON PK | 837,584 | 1.59 | |
| ANDENERGY AS | 804,326 | 1.53 | |
| INVESCO PERP EUR SMA | 765,804 | 1.46 | |
| BAKLIEN ÅSMUND | 700,000 | 1.33 | |
| HORTULAN AS | 634,110 | 1.21 | |
| APOLLO ASSET LTD. | 600,000 | 1.14 | |
| SVENSKA HANDELSBANKE | 593,000 | 1.13 | |
| BEKKESTUA EIENDOM AS | 542,066 | 1.03 | |
| CARE HOLDING AS | 500,505 | 0.95 | |
| PARETO BANK ASA | 500,000 | 0.95 | |
| DNB NOR MARKETS, AKS | 499,578 | 0.95 | |
| CITIBANK, N.A. | 434,290 | 0.83 | |
| Total, 20 largest shareholder accounts | 40,956,803 | 77.85 | |
| Total no. of shares | 52,606,999 | ||
| Foreign ownership | 29,713,417 | 56.48 |
The Company has initiated further cost reduction measures, including changes in the Company's leadership, which will result in a one-time restructuring charge in Q4 2016 of between USD 1.0 to 1.5 million. These initiatives include an additional headcount reduction of 10 to 15 people, changes in management and continued adjustments to the overhead cost base.
Sevan Marine ASA - Arendal Kittelsbuktveien 5 4836 Arendal NORWAY Phone: (+47) 37 40 40 00 Fax: (+47) 37 40 40 99
Sevan Marine - Oslo Verkstedveien 3 0277 Oslo NORWAY Phone: (+47) 91 70 40 00 Fax: (+47) 37 40 40 99 KANFA Group
Nye Vakås vei 80 1395 Hvalstad NORWAY Phone: (+47) 64 00 18 00 Fax: (+47) 64 00 18 01
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