Sevan given space on loan

Deutsche Bank and GIEK have given Sevan Marine some breathing space on a loan as it looks to secure fresh work for an FPSO.

Oslo-listed Sevan says the pair agreed to restructure a $45m portion of its loan on the Sevan Voyager which will come off hire later this year.

It has set up a secured bond yielding 11% per year on the sum, a statement explains.

Payments on the loan and bond will be $3.15m per year during the first 24 months, Sevan says.

Sevan Voyager is presently on charter in the Shelley field, which will be decommissioned in the third quarter of this year.

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