Troubled Norwegian floating production specialist Sevan Marine has agreed to sell some of its vessels to marine firm Teekay.
They include the Sevan Voyageur, contracted to E-On Ruhgas UK Exploration and Production for its North Sea Huntingdon field on which upgrade work over-ran on time and costs.
As part of the deal, Teekay has also made an equity investment in Sevan in exchange for 40% ownership.
Sevan is also selling its floating production vessels Sevan Piranema and Sevan Hummingbird to Bermuda-registered Teekay, Sevan said as it announced its third quarter results.
Sevan Marine said that should the deal fall through it would most likely be required to file for bankruptcy.
The firm had been struggling to refinance itself after announcing in June it had insufficient working capital to support its requirements.
As a result, there were delays on upgrade work on the Sevan Voyageur, which is contracted to E.On Ruhrgas at an estimated contract value of £326million for five years with extension options.
Installation of the floating production vessel had originally been expected to take place in the final quarter of this year, with first oil targeted for early 2012.
Earlier this year, Sevan said the delays and increased procurement costs for equipment and yard services had resulted in the firm increasing its cost estimate for the project to £103million-£116million, compared with £97.7million-£103million previously.