The bond issue is intended to be up to USD 140 million. The proceeds from the issue will be used to part-finance the construction of the Sevan Hummingbird, including refinancing of existing debt facilities. The subscription period is expected to start December 5, 2006.
The Sevan Hummingbird will be deployed on the Chestnut Field in the UK sector of the North Sea under a contract with Venture Production Ltd. The fixed term of the contract is 2.5 years, with 4 x 6 months extension options, and a further extension option of minimum 3 years. The contract is expected to commence in August 2007.
The Sevan Hummingbird is currently under construction at the Yantai Raffles shipyard in China. The FPSO is designed to operate in harsh environment areas, based on Sevan's own patented technology.
Sevan Marine ASA is a Norwegian company listed on Oslo BÝrs with its own unique technology for floating production, storage and drilling. Sevan's technology is developed for applications in offshore oil and gas field developments. The cylindrical hull form has a significant competitive edge when compared to traditional type floaters. Sevan Marine has offices in Tananger, Arendal and Trondheim, Norway; Singapore and Rio de Janeiro, Brazil.
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