Venture Production Awards Contract to Sevan

Venture Production has awarded Sevan a contract for the provision of a second floating production, storage and offloading unit to its North Sea operations, thereby exercising an option agreement previously entered into between the companies. The hull and marine systems will be based on Sevan's own patented Sevan 300 technology.

Field installation of the Sevan 300 is expected in Q3, 2009. The contract will have a duration of five or ten years, to be determined at Venture's discretion before December 31, 2007. The contract value for the five year-contract is approximately USD 365 million, while the contract value for the ten-year contract is approximately US $602 million.

The contract is dependent upon UK Government approval of a Field Development Plan for the Pilot heavy oil field in Block 21/27a in the central North Sea, but the use of the FPSO will not be confined to the Pilot Field.

The Sevan 300 will be equipped with a maximum liquid handling capacity of 80,000 barrels per day, a process plant capable of handling 30,000 barrels of oil per day, a water treatment capacity of 70,000 barrels per day and an oil storage capacity of 300,000 barrels. Kanfa AS, a 100% owned subsidiary of Sevan Marine ASA, will carry out an engineering study to determine the detailed specification of the production facilities.

The Sevan 300 is the second Sevan unit contracted by Venture, as the oil company has previously signed a contract for the floating production unit Sevan Hummingbird, which is expected to be installed on the Chestnut field in the central North Sea in August 2007.

Venture's decision to contract a second Sevan unit to develop their marginal North Sea fields, underlines the cost-efficiency of the Sevan technology and the long-term nature of the relationship between the Venture and Sevan. Venture's extensive portfolio in the North Sea is a natural fit with Sevan's strategy to provide cost-efficient production solutions designed to unlock the potential of marginal fields, even in harsh environments, says Jan Erik Tveteraas, CEO in Sevan Marine ASA.

Sevan Marine ASA is a Norwegian company listed on Oslo Bors 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, Asker and Trondheim, Norway; Singapore and Rio de Janeiro, Brazil.

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