Oslo-listed Sevan Marine has settled a legal dispute relating to its sale of Logitel Offshore to Teekay Offshore Partners (TOO).

It said Logitel and TOO will pay it $4.5m to end all claims in the arbitration row.

Payment is expected in the coming days, it added.

"Receiving $4.5m in cash and being able to put yet another legacy issue behind us is a very positive development," said Sevan's CEO Reese McNeel.