Sevan Production UK Ltd ("Sevan"), a wholly-owned subsidiary of Sevan Marine ASA, has entered into a Memorandum of Understanding ("MOU") with Premier Oil and Gas Services Ltd ("Premier"), for the continued provision and operation of the FPSO Sevan Voyageur by Sevan for the development of the Shelley field, in the event that Premier or one of its affiliates becomes the successful purchaser of either Oilexco North Sea Ltd or the Shelley field. The FPSO Sevan Voyageur is already moored at the field.
The hook-up of the field subsea facilities is expected to take place mid-2009 to enable production start up of the Shelley field.
The FPSO Sevan Voyageur will be operated under a production sharing contract whereby Sevan will be compensated for its actual operating cost and will in addition receive a tariff payment based on actual monthly revenue from oil production from the field.
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