Sea Production will be established as a separate entity to develop floating production (FPSO) and storage (FSO) projects. The company's Chief Executive Officer and Executive Chairman will be, Mr. Oscar Spieler, the previous Chief Executive Officer of Frontline Management AS. Sea Production endeavors to become a leading FPSO contractor by utilizing its fleet of suitable vessels, through its existing experienced management organization and through partnerships with strategic subcontractors.
Sea Production will include the FPSO "Front Puffin". In addition, the Company is in negotiation with Greenwich Holdings to purchase two Double side Aframax tankers suitable for FPSO conversion and the FPSO "Crystal Ocean" from Seadrill Limited. The final terms for these transfers are still under discussion.
Frontline is in the process of bringing external investors into Sea Production, and to finance the company on a stand alone basis. It is the intention that Keppel Shipyard which has been a partner in the Puffin project also will be a substantial shareholder in Sea Production. Keppel Shipyard and Frontline intend together to subscribe to minimum 33% of the new equity. Frontline expects a final clarification around the financing of Sea Production and the final terms of the sales will be communicated to the market within the next week.
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