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Sevan witholds $7m of payments

Sevan witholds $7m of payments
Chinese yard Jiangsu Hantong Ship Heavy Industry is taking legal action against Norwegian shipowner Sevan Marine over missed payments.

Chinese yard Jiangsu Hantong Ship Heavy Industry is taking legal action against Norwegian shipowner Sevan Marine over missed payments.

Chinese yard Jiangsu Hantong Ship Heavy Industry is taking legal action against Norwegian shipowner Sevan Marine over missed payments.

Sevan said it was withholding $7m of payments to the yard on two oil-producing vessel projects to reduce its own capital costs. It said it was still seeking charter contracts for the two floating production storage and offloading vessels under construction in China.

?It is our intention to minimise the investments on FPSO Sevan 4 and FPSO Sevan 5 prior to achieving firm contracts with oil companies,? Sevan said in a statement.

?During the ongoing negotiations with the shipyard, Sevan is withholding payments amounting to $7m.?

Reports in Norway said the yard had sought to take Sevan into arbitration in Singapore because of the missed payments.

Sevan ordered five cylindrical FPSOs from China three years ago, when demand for this type of unit was rising.

The first three delivered are on charter, but the final two do not have any contract. One is working in Brazil and two others are deployed in the UK North Sea.

Sevan also has three drilling rigs on order with Cosco Nantong shipyard in China. Construction and commissioning of the $590m Sevan Driller I is almost finished. The unit is due to start operating for
Petrobras this year.

Sevan has tried to stall construction of the other two drilling rigs to conserve its capital.

www.TurkishMaritime.com.tr

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