Sevan Marine Posts Q4 Loss, Suspends 2014 Dividend

Sevan Marine ASA SVMRF posted a loss for the fourth quarter. Norway's company Sevan Marine reported a quarterly net loss of $15.9 million, versus a year-ago profit of $1.5 million. Its revenue dropped to $25.2 million from $31.2 million. Sevan Marine posted an operating loss of $4.8 million, versus a profit of $0.9 million. As of fourth-quarter 2014, cash and cash equivalents totaled USD 27.3 million, while total assets were USD 144.8 million. The company's board decided to suspend the regular dividend for 2014. CEO Carl Lieungh said, "We continue to see many areas where the Sevan technology will make an impact in terms of providing cost effective solutions to the oil & gas industry. However, 2015 will be a challenging year and we have started a substantial cost reduction exercise, as well as initiated a strategic review, in order to meet both present and future requirements to succeed."