SevanDrilling of Norway is in temporary breach of one of its loan covenants, theoffshore contractor warned investors Monday.
Oslo-listed Sevan blamed the situation oncosts associated with the mobilisation of the cylindrical semisubmersible drillingrig Sevan Brasil (built 2012) during the second quarter.
The company claims the condition will becorrected when it is reimbursed by Petrobras, which hired the unit for sixyears of work in the pre-salt fields off Brazil in a contract that was due tostart by 30 June.
“The present situation does not cause any changes tothe business of Sevan Drilling,” the operator wrote in a late-breaking securities filing.
While details remain scarce, Sevan expects to elaboratefurther on 16 August when it issues its second-quarter earnings report.
