Sevan Marine said it could take legal action over “potential breaches” of Norwegian corporate law regarding a review of agreements and a convertible loan with Logitel Offshore.
The company, a subsidiary of Teekay Offshore Partners, had been granted a $60m bond loan by Sevan Holding three years ago.
Further to that, an agreement was signed between Sevan Marine, CeFront, Logitel and Teekay in 2014.
However, delays in the construction of two accommodation vessels during 2015 have led to “substantial” cash impairments, according to reports.
The value of the loan to Logitel had been around $16million including accrued interest.
The total outstanding loan is said to be $50million.
The value is said to reflect the discounted value of the two remaining $10million fixed payments for the two delayed units.
A spokesman said: “Until lately the special Board committee was very optimistic that a settlement would be reached in time to present the main elements of such at the Annual General Meeting to
be held on Wednesday, May 25, 2016.
“The dialogue has recently been paused by Logitel/Teekay. Logitel/Teekay have stated that the rationale for this relates to the gangway incident which occurred on Arendal Spirit as disclosed by Teekay in their Q1 earnings release.
“Sevan Marine has also noted that it appears that Teekay has not allocated any funds in their proposed restructuring plan to accommodate any claims or payments to Sevan Marine in relation to the Logitel Agreements.
“Sevan Marine notes that this appears to have been done despite the amount and nature of the claims.
“Sevan Marine believes that claims in excess of, and potentially significantly higher than, USD 50 million may be made against Logitel and/or Teekay irrespective of the validity of the above mentioned agreements. “
The spokesman added that the company “regrets” the situation and is dedicated to seeking the best outcome for all its shareholders.
It said as well as considering litigations, the company has also been approached by minority shareholders claiming to control Sevan Marine shares in excess of the 10% threshold required in the Joint Stock Public Companies Act.
He added the outcome of the situation and any potential recovery is value is now considered “uncertain”.
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