The debt-laden company, which was rescued from bankruptcy last week by Teekay, was responding to a report in Norwegian newspaper Finansavisen, citing unnamed sources, that the cost of the upgrade had now risen by between $50 million and $100 million compared with Sevan’s latest estimate of up to $190 million.
The Voyageur is currently being upgraded for work on E.ON Ruhrgas’ Huntington field off the UK, where first oil is now expected in the second quarter of 2012 after being pushed back due to Sevan’s financial woes.
Sevan
