Quarterly Report • Feb 21, 2017
Quarterly Report
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2016 - Fourth quarter report
(Figures in brackets relate to previous period. The figures are unaudited.)
| USD million | Q4 2016 | Q3 2016 | 2016 | Q4 2015 | 2015 |
|---|---|---|---|---|---|
| Continued operations | |||||
| Revenues | 2.2 | 2.6 | 14.0 | 5.8 | 28.3 |
| EBITDA | -1.4 | -0.9 | -12.4 | -2.7 | -8.4 |
| Net Profit | -3.1 | 0.3 | -25.3 | -7.8 | -58.1 |
| EPS (NOK) | -0.5 | 0.0 | -4.0 | -1.2 | -8.9 |
| Continued and discontinued operations | |||||
| Revenues | 3.6 | 5.1 | 46.6 | 27.2 | 80.0 |
| EBITDA | -1.3 | -0.8 | -9.4 | -3.0 | -10.7 |
| Net Profit | -4.3 | 0.4 | -23.6 | -8.4 | -62.0 |
| Cash and cash eq. continued operations | 24.8 | 25.8 | 24.8 | 30.6 | 30.6 |
| Cash and cash eq. discontinued operations | 1.4 | 1.2 | 1.4 | 5.9 | 5.9 |
| Equity ratio (%) | 60 % | 60 % | 60 % | 58 % | 58 % |
| No. of shares outstanding | 52.6 | 52.6 | 52.6 | 52.6 | 52.6 |
| Number of employees continued operations | 35 | 53 | 35 | 88 | 88 |
| Number of employees discontinued operations | 46 | 48 | 46 | 83 | 83 |
Revenue continued operations, USD million
EBITDA continued operations, USD million
Sevan Marine delivered some 12,000 engineering hours in the quarter, driven by work on the Goliat, Dana Western Isles, UK sector, US Oil Major and Wisting projects.
Further cost reduction initiatives were taken in the quarter including further headcount reductions to align the organization to the expected workload in 2017 and 2018.
The full impact of the cancellation of the Logitel units negatively affected revenues in the quarter.
Sevan Marine continued to provide engineering support for the UK Continental Shelf project in the quarter. Payments under the License Agreement remain subject to the field developers' final investment decision and start of construction of the unit.
The FLNG study for a specific FLNG field development with a US Oil Major continued in the quarter. Additional work is expected to start in Q1 2017.
Further, Sevan Marine continued to provide engineering support services for the Western Isles project on the UK Continental Shelf. Sevan Marine is entitled to a variable license fee linked to production with respect to the Western Isles project. Sevan Marine continues to support the construction of the vessel at the COSCO yard in China, and the field operator has announced that they expect the FPSO will be installed at the field in late 2017.
In the Norwegian Barents Sea, Sevan Marine delivered engineering support for the Goliat project and completed an early phase study for the Wisting field development.
The KANFA group saw improved results in the quarter driven by further margin recognition on the OCTP project from Yinson Production. Workload across the KANFA group declined with projects now completed and limited new work.
Sevan Marine's affiliated company 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, HiLoad LNG remains in discussions with Vires Energy Corporation regarding their project in the Philippines. The FRD has also attracted other market interest and HiLoad LNG is optimistic that additional FRD related work can be won in the coming quarters. The FRD is a cost effective alternative to standard FSRU solutions, particularly for small scale regasification projects.
Sevan Marine has continued development work on its ultradeepwater 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 US Gulf of Mexico, and Sevan Marine believes it will provide a substantially cheaper solution compared to the disconnectable, turret based solutions used today.
In addition, Sevan Marine has initiated further development work to look into new drilling applications for the cylindrical design as well as investigating how the design may be used outside of the core oil and gas industry, for example in fish farming and wind applications.
As of 31 December 2016, Sevan Marine finds it highly probable that its remaining 51% share in KANFA AS will be sold and according to IFRS 5, the KANFA Group assets and liabilities are classified as held for sale and corresponding results are presented as discontinued operations in the financial statements and disclosures.
Operating revenue for continued operations for the fourth quarter 2016 was USD 2.2 million, down from USD 2.6 million last quarter. The cancellation of the Logitel units led to reduced revenues of USD 0.6 million, hence underlying revenue increased by USD 0.2 million in the quarter, EBITDA was negative USD 1.4 million (negative USD 0.9 million) and net loss was USD 3.1 million (profit of USD 0.3 million). EBITDA was negatively impacted by restructuring costs of USD 1.0 million and the net loss was negatively impacted by a book loss on NOK currency holdings of USD 0.8 million.
Discontinued operating revenue for the fourth quarter 2016 was USD 1.4 million (USD 2.4 million). EBITDA was positive USD 0.2 million (positive USD 0.1 million) and net loss was USD 1.2 million (profit of USD 0.1 million). EBITDA was positively impacted by further margin contribution from completed projects. Net loss was negatively impacted by USD 1.0 million related to the recycling of a historical currency translation loss in the disposed KANFA Aragon Group.
Operating revenue for continued operations for 2016 was USD 14.0 million (USD 28.3 million). The decrease was mainly caused by reduced activity in ongoing projects and the cancellation of the Logitel units. EBITDA was negative USD 12.4 million (negative USD 8.4 million) and net loss was USD 25.3 million (loss of USD 58.1 million). EBITDA was negatively impacted by an impairment of the Logitel Variable Fee of USD 5.0 million and restructuring costs of USD 2.0 million. Net loss was negatively impacted by an impairment of the Logitel loan of USD 16.0 million.
Discontinued operating revenue for 2016 was USD 32.6 million (USD 51.7 million). EBITDA was positive USD 3.0 million (negative USD 2.3 million) and net profit was USD 1.7 million (loss of USD 3.8 million). EBITDA was positively impacted by the margin contribution from the OCTP project.
As of Q4 2016, cash and cash equivalents amounted to USD 24.8 million for continued operations (USD 25.8 million). The negative cash flow in the quarter of USD 1.0 million is largely attributable to unrealized losses on NOK currency holdings.
For discontinued operations, cash and cash equivalents amounted to USD 1.4 million (USD 1.2 million) with a positive cash flow in the quarter of USD 0.2 million.
The equity ratio was 60 percent as of December 31, 2016.
Balance sheet composition 31 December 2016
We refer to the Q2 2016 earnings release and comments made regarding the circumstances surrounding the legality and potential 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.
In January 2017, Sevan Marine received a formal notification of TechnipFMC's intention to exercise their option to buy Sevan Marine's remaining 51% shareholding in KANFA AS. The transaction is expected to close in the first quarter of 2017 with no material impact on results.
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.
The Company is exposed to market risk, credit risk and liquidity risk. The Company's overall risk management program focuses on the uncertainty of financial markets and seeks to minimize potential adverse effects on the Company's financial performance.
The Company's major customers are typically oil companies with a strong financial basis, but, as with suppliers and customers in general, there is a risk that unforeseen financial difficulties on the counterparty' side may arise which could have material adverse effects on the financial condition, the cash flows and/or the prospects of the Company.
The exposure to the oil and gas market also means that the Company is subject to the market risk of declining work and price pressure.
The outcome of Logitel 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 Company continues to challenge the decision by the Norwegian tax authorities (Skatt Sør) regarding the adjustment of the 2012 tax return which led to an additional tax charge of USD 4.6 million and tax payment of USD 3.5 million in 2016. The outcome of this matter together with any potential recovery of tax already paid or payment of any potential penalty tax already accrued for remains uncertain.
As announced, the Board received in October 2015 the external investigation report regarding allegations of possible improper conduct related to historical contracts with Petrobras in Brazil from Advokatfirmaet Selmer DA ("Selmer"). Sevan Marine provided the report to the Norwegian authority for investigation and prosecution of economic and environmental crime ("ØKOKRIM"). Sevan Marine has made no payments and had no interaction with the agent in question or any of his companies since the IPO of drilling activities and restructuring of Sevan Marine ASA in 2011. Sevan Marine is cooperating fully with relevant authorities in the various jurisdictions involved (Norway, Brazil, US and UK). Sevan Marine adheres to the strictest of compliance and ethical standards and continues to take this matter very seriously. Sevan Marine ASA has to date not been charged by any of the authorities involved.
Sevan Marine continues to operate in a challenging market where many of its key prospects have been delayed over the past years. There has been an improvement in market sentiment in the last quarter including increased interest from our clients. Despite this, 2017 will likely remain a challenging year with both negative profits and cash flow.
The recent improvements in the oil price and market sentiment has led to increased market interest for Sevan Marine's services and the cylindrical design. This has particularly been the case for harsh environment projects such as those in the Barents Sea and Australia for both FPSO and FLNG applications. Sevan Marine is optimistic that additional study work can be won in 2017 and early 2018 in this regard. With this improving environment and prospective licenses from both the Western Isles project and UK Continental Shelf project, late 2017 and 2018 should see substantially improved results.
Sevan Marine remains confident that given its unique cost effective solutions, the increased market interest, its solid cash position and balance sheet 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 a technology, project development and engineering company. The Company is delivering products and solutions based on its unique cylindrical hull design and the HiLoad LNG technology.
Sevan Marine is focusing its efforts on independently developing, marketing and supporting the execution of projects based on its designs and engineering competence. In doing such, the Company is seeking to work with industry leading partners to further promote and develop its designs, concepts and services.
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.
Oslo, February 20, 2017 The Board of Directors of Sevan Marine ASA Erling Øverland Peter Lytzen Chairman Board Member Ingvild Sæther Kjetil Sjursen Kathryn M. Baker Board Member Board Member Board Member
Vidar Andersen Ann-Kristin Nielsen Løvland Reese McNeel Employee Representative Employee Representative CEO
| USD million | Q4 2016 | Q3 2016 | 2016 | Q4 2015 | 2015 |
|---|---|---|---|---|---|
| Continued operations | |||||
| Operating revenue | 2.2 | 2.6 | 14.0 | 5.8 | 28.3 |
| Operating expense | -3.7 | -3.5 | -26.1 | -8.5 | -36.2 |
| FX gain/(loss) relating to operation | 0.1 | 0.0 | -0.2 | 0.0 | -0.4 |
| EBITDA | -1.4 | -0.9 | -12.4 | -2.7 | -8.4 |
| Depreciation, amortization and impairment | -0.7 | -0.1 | -0.9 | -0.1 | -6.3 |
| Operating profit/(loss) | -2.2 | -0.9 | -13.3 | -2.8 | -14.7 |
| Financial income/(expense) | -0.1 | 0.1 | -13.1 | 0.0 | -36.4 |
| FX gain/(loss) relating to financing | -0.8 | 0.4 | 0.4 | -0.6 | -2.3 |
| Net financial items | -0.9 | 0.5 | -12.7 | -0.6 | -38.7 |
| Profit/(loss) before tax | -3.1 | -0.4 | -26.0 | -3.4 | -53.4 |
| Tax income/(expense) | 0.0 | 0.7 | 0.7 | -4.4 | -4.8 |
| Net profit/(loss) continued operations | -3.1 | 0.3 | -25.3 | -7.8 | -58.1 |
| Discontinued operations | |||||
| Disposed group | -1.0 | 0.0 | 0.0 | -0.3 | -2.9 |
| Disposal group classified as held for sale | -0.2 | 0.1 | 1.8 | -0.3 | -1.0 |
| Net profit/(loss) discontinued operations | -1.2 | 0.1 | 1.7 | -0.6 | -3.8 |
| Net profit/(loss) | -4.3 | 0.4 | -23.6 | -8.4 | -62.0 |
| USD million | Q4 2016 | Q3 2016 | 2016 | Q4 2015 | 2015 |
|---|---|---|---|---|---|
| Net profit/(loss) | -4.3 | 0.4 | -23.6 | -8.4 | -62.0 |
| Actuarial gains/losses | -0.1 | 0.0 | -0.1 | 0.1 | 0.1 |
| Foreign currency translation | 0.0 | 0.2 | 0.0 | 0.2 | 0.8 |
| Recycling of currency translation sale of Aragon Group | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 |
| Total comprehensive income | -3.4 | 0.6 | -22.6 | -8.1 | -61.1 |
| USD million | Note | 31.12.16 | 30.09.16 | 31.12.15 |
|---|---|---|---|---|
| Fixed assets | 0.2 | 0.5 | 0.6 | |
| Intangible assets | 0.7 | 1.2 | 1.3 | |
| Loan | 0.0 | 0.0 | 16.0 | |
| Other non-current assets | 3 | 5.4 | 5.4 | 5.4 |
| Total non-current assets | 6.3 | 7.1 | 23.3 | |
| Trade and other receivables | 3 | 2.6 | 14.2 | 26.7 |
| Cash and cash equivalents | 24.8 | 27.0 | 36.6 | |
| Total current assets | 27.4 | 41.3 | 63.3 | |
| Assets held for sale | 4 | 8.8 | ||
| Total assets | 42.5 | 48.3 | 86.6 | |
| Share capital | 2 | 34.6 | 34.0 | 34.6 |
| Other equity | -10.2 | -6.3 | 8.4 | |
| Total shareholders' equity | 24.4 | 27.8 | 43.0 | |
| Non-controlling interest | 1.0 | 1.1 | 6.8 | |
| Total equity | 25.5 | 28.9 | 49.8 | |
| Retirement benefit obligations | 0.7 | 0.8 | 0.9 | |
| Other non-current liabilities/provisions | 0.0 | 0.3 | 0.3 | |
| Total non current liabilities | 0.7 | 1.1 | 1.2 | |
| Current liabilities | 8.9 | 18.3 | 35.5 | |
| Total current liabilities | 8.9 | 18.3 | 35.5 | |
| Total liabilities | 9.7 | 19.5 | 36.7 | |
| Liabilities held for sale | 4 | 7.4 | ||
| Total equity and liabilities | 42.5 | 48.3 | 86.6 |
| Non | |||||
|---|---|---|---|---|---|
| Share | Share | Retained | controlling | Total | |
| USD million | 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 | -17.7 | -4.9 | -22.6 | ||
| Disposal of KANFA Aragon | -0.9 | -0.9 | -1.8 | ||
| Equity as of December 31, 2016 | 34.6 | 21.0 | -31.2 | 1.0 | 25.5 |
| USD million | Share capital |
Share premium |
Retained earnings |
Non controlling interest |
Total equity |
|---|---|---|---|---|---|
| Equity as of December 31, 2014 | 34.6 | 21.0 | 46.8 | 8.6 | 111.0 |
| Total comprehensive income for the period | -59.4 | -1.8 | -61.1 | ||
| Equity as of December 31, 2015 | 34.6 | 21.0 | -12.6 | 6.8 | 49.8 |
| USD million | Q4 2016 | Q3 2016 | 2016 | Q4 2015 | 2015 |
|---|---|---|---|---|---|
| Cash flows from operating activities | |||||
| Cash from operations | -1.0 | -1.1 | -4.7 | -2.7 | -4.9 |
| Taxes paid | 0.0 | 0.0 | -3.5 | -0.2 | -0.9 |
| Net cash generated from continued operating activities | -1.0 | -1.1 | -8.2 | -2.9 | -5.8 |
| Net cash generated from discontinued operating activities | 0.2 | -3.6 | -4.5 | 1.5 | 5.3 |
| Net cash generated from operating activities | -0.8 | -4.7 | -12.7 | -1.4 | -0.5 |
| Cash flows from investment activities | |||||
| Purchase of property, plant and equipment (PPE) | 0.0 | 0.0 | 0.0 | 0.0 | -0.1 |
| Purchase of intangible assets | 0.0 | 0.0 | 0.0 | -0.8 | -0.8 |
| Sale of shares KANFA Aragon | 0.0 | 0.0 | 2.4 | 0.0 | 0.0 |
| Repayment of Logitel loan | 0.0 | 0.0 | 0.0 | 0.0 | 10.0 |
| Net cash from continued investment activities | 0.0 | 0.0 | 2.4 | -0.8 | 9.1 |
| Net cash from discontinued investment activities | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net cash from investment activities | 0.0 | 0.0 | 2.4 | -0.8 | 9.1 |
| Cash flows from financing activities | |||||
| Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net cash from continued financing activities | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net cash from discontinued financing activities | 0.0 | 0.0 | 0.0 | 0.6 | 0.6 |
| Net cash from financing activities | 0.0 | 0.0 | 0.0 | 0.6 | 0.6 |
| Net cash flow for the period - continued activities | -1.0 | -1.1 | -5.8 | -3.7 | 3.4 |
| Net cash flow for the period - discontinued activities | 0.2 | -3.6 | -4.5 | 2.2 | 5.9 |
| Cash balance at beginning of period | 27.0 | 31.7 | 36.6 | 38.1 | 27.3 |
| Cash balance at end of period | 26.2 | 27.0 | 26.2 | 36.6 | 36.6 |
| Cash balance at end of period continued operations | 24.8 | 25.8 | 24.8 | 30.6 | 30.6 |
| Cash balance at end of period discontinued operations | 1.4 | 1.2 | 1.4 | 5.9 | 5.9 |
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 Company and the Company'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.
| 20 largest shareholder accounts 17 February 2017 (source: VPS) | No. of shares | %-share |
|---|---|---|
| TEEKAY SERVICE HOLDINGS COÖPER. UA | 22,893,631 | 43.52 |
| HOME CAPITAL AS | 2,435,448 | 4.63 |
| F2 FUNDS AS | 1,806,754 | 3.43 |
| MATHIAS HOLDING AS | 1,600,000 | 3.04 |
| DEUTSCHE BANK AKTIEN | 1,275,997 | 2.43 |
| SUNDT AS | 1,257,486 | 2.39 |
| KING KONG INVEST AS | 1,250,000 | 2.38 |
| GOLDMAN SACHS INTERNATIONAL | 1,182,872 | 2.25 |
| CITIBANK, N.A. | 992,723 | 1.89 |
| MP PENSJON PK | 837,584 | 1.59 |
| ANDENERGY AS | 804,326 | 1.53 |
| INVESCO PERP EURAN SMLER COMPS FD | 765,804 | 1.46 |
| BAKLIEN ÅSMUND | 700,000 | 1.33 |
| HORTULAN AS | 648,909 | 1.23 |
| APOLLO ASSET LTD. | 600,000 | 1.14 |
| SVENSKA HANDELSBANKEN AB | 598,581 | 1.14 |
| DNB NOR MARKETS, AKS | 597,929 | 1.14 |
| BEKKESTUA EIENDOM AS | 542,066 | 1.03 |
| PARETO BANK ASA | 500,000 | 0.95 |
| ALDEN AS | 428,000 | 0.81 |
| Total, 20 largest shareholders | 41,718,110 | 79.30 |
| Other shareholder accounts | 10,888,889 | 20.70 |
| Total no of shares | 52,606,999 | 100.00 |
| Foreign ownership | 29,696,342 | 56.45 |
| USD million | Q4 2016 | Q3 2016 | 2016 | Q4 2015 | 2015 |
|---|---|---|---|---|---|
| Sale to related parties | |||||
| Sale to Teekay | 0.0 | 0.0 | 0.2 | 1.2 | 1.9 |
| Sale to Logitel Offshore | 0.0 | 0.6 | 2.5 | 3.2 | 8.7 |
| Purchase from related parties | |||||
| Purchase from Teekay | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 |
| Purchase from Arendal Brygge | 0.1 | 0.0 | 0.5 | 0.1 | 0.4 |
| Receivable from related parties | |||||
| Receivable from Teekay | 0.0 | 0.0 | 0.0 | 0.2 | 0.2 |
| Receivable from Logitel Offshore | 5.9 | 5.9 | 5.9 | 10.7 | 10.7 |
| Loan to related parties | |||||
| Logitel Offshore | 0.0 | 0.0 | 0.0 | 16.0 | 16.0 |
| Quarterly segment results | Topside and | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Floating | Process | ||||||||
| Production | Technology | Eliminations | Total | ||||||
| USD million | Q4 16 | Q3 16 | Q4 16 | Q3 16 | Q4 16 | Q3 16 | Q4 16 | Q3 16 | |
| External revenue | 2.2 | 2.6 | 1.4 | 2.4 | 0.0 | 0.0 | 3.6 | 5.1 | |
| Internal revenue | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Total revenue | 2.2 | 2.6 | 1.4 | 2.4 | 0.0 | 0.0 | 3.6 | 5.1 | |
| Operating expense | -3.8 | -3.5 | -1.3 | -2.3 | 0.0 | 0.0 | -5.0 | -5.8 | |
| Foreign exchange gain/(loss) operation | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | |
| EBITDA | -1.4 | -0.9 | 0.2 | 0.1 | 0.0 | 0.0 | -1.3 | -0.8 | |
| Depreciation, amortization & impairment | -0.7 | -0.1 | 0.0 | 0.0 | 0.0 | 0.0 | -0.7 | -0.1 | |
| Operating profit/(loss) | -2.2 | -0.9 | 0.1 | 0.1 | 0.0 | 0.0 | -2.0 | -0.8 | |
| Financial income/(expense) | -0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | -0.1 | 0.1 | |
| Foreign exchange gain/(loss) finance | -0.8 | 0.4 | -1.2 | 0.0 | 0.0 | 0.0 | -2.0 | 0.5 | |
| Net financial items | -0.9 | 0.5 | -1.2 | 0.0 | 0.0 | 0.0 | -2.1 | 0.5 | |
| Profit/(loss) before tax | -3.1 | -0.4 | -1.1 | 0.1 | 0.0 | 0.0 | -4.2 | -0.3 | |
| Tax income/(expense) | 0.0 | 0.7 | -0.1 | 0.0 | 0.0 | 0.0 | -0.1 | 0.7 | |
| Net profit/(loss) | -3.1 | 0.3 | -1.2 | 0.1 | 0.0 | 0.0 | -4.3 | 0.4 | |
| Continued operations | -3.1 | 0.3 | -3.1 | 0.3 | |||||
| Discont. Op. - Disposed group | -1.0 | 0.0 | -1.0 | 0.0 | |||||
| Discont. Op. - Held for sale | -0.2 | 0.1 | -0.2 | 0.1 | |||||
| Net profit/(loss) | -3.1 | 0.3 | -1.2 | 0.1 | 0.0 | 0.0 | -4.3 | 0.4 |
| YTD segment results | Topside and | |||||||
|---|---|---|---|---|---|---|---|---|
| Floating Process |
||||||||
| Production | Technology | Eliminations | Total | |||||
| USD million | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 |
| External revenue | 14.0 | 28.3 | 32.6 | 51.7 | 0.0 | 0.0 | 46.6 | 80.0 |
| Internal revenue | 0.3 | 0.4 | 0.0 | 0.0 | -0.3 | -0.4 | 0.0 | 0.0 |
| Total revenue | 14.3 | 28.7 | 32.6 | 51.7 | -0.3 | -0.4 | 46.6 | 80.0 |
| Operating expense | -26.4 | -36.6 | -29.6 | -53.7 | 0.3 | 0.4 | -55.7 | -90.0 |
| Foreign exchange gain/(loss) operation | -0.2 | -0.4 | 0.0 | -0.3 | 0.0 | 0.0 | -0.2 | -0.7 |
| EBITDA | -12.4 | -8.4 | 3.0 | -2.3 | 0.0 | 0.0 | -9.4 | -10.7 |
| Depreciation, amortization & impairment | -0.9 | -6.3 | 0.0 | -0.1 | 0.0 | 0.0 | -1.0 | -6.4 |
| Operating profit/(loss) | -13.3 | -14.7 | 3.0 | -2.4 | 0.0 | 0.0 | -10.3 | -17.1 |
| Financial income/(expense) | -13.1 | -36.4 | -0.1 | -1.1 | 0.0 | 0.0 | -13.2 | -37.5 |
| Foreign exchange gain/(loss) finance | 0.4 | -2.3 | -1.0 | -0.4 | 0.0 | 0.0 | -0.6 | -2.7 |
| Net financial items | -12.7 | -38.7 | -1.1 | -1.5 | 0.0 | 0.0 | -13.8 | -40.2 |
| Profit/(loss) before tax | -26.0 | -53.4 | 1.8 | -3.8 | 0.0 | 0.0 | -24.1 | -57.2 |
| Tax income/(expense) | 0.7 | -4.8 | -0.1 | 0.0 | 0.0 | 0.0 | 0.6 | -4.8 |
| Net profit/(loss) | -25.3 | -58.1 | 1.7 | -3.8 | 0.0 | 0.0 | -23.6 | -62.0 |
| Continued operations | -25.3 | -58.1 | -25.3 | -58.1 | ||||
| Discont. Op. - Disposed group | 0.0 | -2.9 | 0.0 | -2.9 | ||||
| Discont. Op. - Held for sale | 1.8 | -1.0 | 1.8 | -1.0 | ||||
| Net profit/(loss) | -25.3 | -58.1 | 1.7 | -3.8 | 0.0 | 0.0 | -23.6 | -62.0 |
* Topside and Process Technology segment consists of the 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.
| Segment assets and liabilities | Topside and | |||||
|---|---|---|---|---|---|---|
| Floating | Process | |||||
| Production | Technology | Total | ||||
| USD million | 31.12.16 | 31.12.15 | 31.12.16 | 31.12.15 | 31.12.16 | 31.12.15 |
| Fixed assets | 0.2 | 0.6 | 0.0 | 0.1 | 0.2 | 0.6 |
| Intangible assets | 0.7 | 1.3 | 0.0 | 0.0 | 0.7 | 1.3 |
| Loan | 0.0 | 16.0 | 0.0 | 0.0 | 0.0 | 16.0 |
| Other non-current assets | 5.4 | 5.4 | 0.0 | 0.0 | 5.4 | 5.4 |
| Total non-current assets | 6.3 | 23.2 | 0.0 | 0.1 | 6.3 | 23.3 |
| Trade and other receivables | 2.6 | 10.5 | 7.4 | 16.2 | 10.0 | 26.7 |
| Cash and cash equivalents | 24.8 | 30.6 | 1.4 | 5.9 | 26.2 | 36.6 |
| Total current assets | 27.4 | 41.2 | 8.7 | 22.1 | 36.2 | 63.3 |
| Total segment assets | 33.7 | 64.4 | 8.8 | 22.2 | 42.5 | 86.6 |
| Retirement benefit obligations | 0.7 | 0.5 | 0.1 | 0.4 | 0.8 | 0.9 |
| Other non-current liabilities/provisions | 0.0 | 0.0 | 0.0 | 0.3 | 0.0 | 0.3 |
| Total non current liabilities | 0.7 | 0.5 | 0.1 | 0.6 | 0.8 | 1.2 |
| Current liabilities | 8.9 | 15.0 | 7.3 | 20.6 | 16.2 | 35.5 |
| Total current liabilities | 8.9 | 15.0 | 7.3 | 20.6 | 16.2 | 35.5 |
| Total segment liabilities | 9.7 | 15.5 | 7.4 | 21.2 | 17.0 | 36.7 |
* For assets and liabilities both intra-segment balances and inter-segment balances are eliminated within the segment.
** Topside and Process Technology segment assets and liabilities are classified as held for sale in the Statement of financial position.
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