Production Begins at Petrobras' Piranema Field

Sevan Piranema
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The FPSO Sevan Piranema has today commenced oil production on the Piranema field, off the coast of Aracaju, in the state of Sergipe, Brazil.

The Sevan Piranema will be working under an 11+11 year charter contract with Petrobras S.A., in ultra deep water, ranging from 1,000 to 1,600 m. The FPSO has an oil storage capacity of 300,000 barrels and is equipped with an oil process capacity of 30,000 barrels per day and a gas compression capacity of 3.6 million m3 per day.

The Sevan Piranema is the world's first cylinder shaped FPSO and is based on Sevan's unique and patented technology. The hull was constructed in China while the topside fabrication, assembly and commissioning took place in Europe. It is the first floating production unit to be installed in this area of Brazil.

- This is a major milestone for Sevan and marks the start of a new phase in the development of our Company. We are proud that Petrobras, a world leader in deep water technology and the world's largest user of floating production units, is the first oil company utilizing the Sevan FPSO, says Jan Erik Tveteraas, CEO of Sevan Marine ASA.

- The cylindrical Sevan FPSO is designed to provide improved motions, higher stability reserves and higher deck load capacity than conventional units. The experience so far from the Piranema field confirms these capabilities, says Tveteraas.

In addition to Sevan Piranema, Sevan has entered into contracts for the charter of four other Sevan units, of which three production units and one drilling unit. The three Sevan FPSOs will be installed in the North Sea while the Sevan Driller will go to US Gulf of Mexico under a six-year contract with Petrobras America Inc.


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