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ISS - SEVAN MARINE ASA: Notice from tax authorities on potential adjustment to 2012 tax assessment

Company: Magnora ASA Date: 2014-12-12 Language: English Register to download

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 SEVAN MARINE ASA: Notice from tax authorities on potential adjustment to 2012 tax assessment

# SEVAN MARINE ASA: Notice from tax authorities on potential adjustment to 2012 tax assessment

Sevan Marine ASA («Sevan») has received a notice  

from Skatt Sør (Norwegian tax authorities) that the  

tax assessment for 2012 may be adjusted. Skatt Sør  

contemplates an adjustment by way of reducing the  

booked deduction for losses on intra-group  

receivables following the sale of FPSO "Hummingbird".  

  

No final decision has been made in the matter, and  

Skatt Sør has requested additional factual  

information and input to assist in its evaluation.  

Sevan strongly disagrees that there is any legal or  

factual basis which justifies any adjustment, and  

will act upon any decision by Skatt Sør to effect an  

adjustment to the 2012 tax assessment by promptly  

initiating a complaint and/or taking relevant legal  

action.  

  

If a decision were to be rendered by Skatt Sør along  

the lines indicated in the notice, Sevan would,  

pending final resolution of the matter, have to pay  

the relevant tax amount, provisionally estimated by  

Sevan to be in the range of NOK 30 - 40 million.  

Sevan is optimistic, however, that further factual  

clarifications will result in a conclusion by Skatt  

Sør that no adjustment is required.  

  

\*\*\*\*\*  

  

The information in this announcement is subject to  

the disclosure requirements of the Norwegian  

Securities Trading Act section 5-12 and/or the Oslo  

Børs - Continuing Obligations.  

  

Sevan Marine ASA is specializing in design,  

engineering and project execution of floating units  

for offshore applications, based on its patented  

cylindrical floater technology. Sevan Marine ASA is  

listed on Oslo Børs with ticker SEVAN. For more  

information, please refer to www.sevanmarine.com.  

  

For more information please contact:  

Marit Ytreeide, Press Contact (Media)  

+47 901 28 308 mobile  

  

Carl Lieungh, CEO, Sevan Marine ASA (Media)  

+47 37 40 40 00 office  

  

Kjetil Vangsnes, CFO, Sevan Marine ASA (Analysts)  

+47 37 40 40 00 office