Sevan Marine's FPSO Charter Contract Extended until 2012

Under the charter contract with Centrica Energy Upstream, the charter is automatically extended by six months unless notice is given six months prior to the expiration of the contracted period. The expiration of the currently contracted period was March 28, 2012, and the charter for FPSO Sevan Hummingbird has been extended until September 28, 2012. Day rates remain unchanged in the extension period.

FPSO Sevan Hummingbird has been operating on the Chestnut field for Centrica since September 2008 under a fixed 2.5 year contract with extension options. This is the third six months option to be utilized.

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