Sevan Marine and Logitel Offshore have entered into an agreement pursuant to which the former will provide a new US $9 million convertible loan to the latter. The terms and conditions will be the same as under the existing $51 million convertible bond agreement, which will be amended and increased to $60 million to include the new loan. The funds will be used to support the development and growth of Logitel Offshore by way of paying the first yard instalment for its second accommodation and logistics rig. Consequently, Logitel will have two Sevan-design rigs under construction. Sevan will continue to provide project management services to Logitel, which includes inter alia site supervision, engineering services, and technical support. Sevan will be also entitled to a license fee of $5 million after delivery of the unit.