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FLNG remains focus for Sevan Marine

LNG Industry,

Sevan Marine has reported the company’s first quarter 2015 results, emphasising the FLNG market as a new focus for the company.

Financial results

Operating revenue for 1Q15 was US$15.4 million, down from US$25.2 million in the corresponding period of 2014. EBITA was negative US$2.7 million, while operating loss was US$2.8 million. The company reported a net loss of US$4.5 million.

FLNG solutions

FLNG remains a key initiative for Sevan Marine. The company noted that several meeting had been held with oil and gas majors regarding specific FLNG prospects. HiLoad LNG received a small funded study to evaluate its use as an offloading technology for LNG.

HiLoad FLNG offloading system.

The company continues to stress that the advantages of the cylindrical design for FLNG, such as no turret and improved motion characteristics, will make the design very competitive compared to shipshape solutions. Combined with the HiLoad offloading technology, the Sevan Marine FLNG solutions should improve safety, uptime and increase flexibility.

Adapted from press release by Katie Woodward

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