LOI Extended for FPSO Sevan Voyageur

Sevan Voyageur, FPSO, Shelley, North Sea
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Sevan Marine ASA has extended the letter of intent to progress negotiations with E.ON Ruhrgas, in order to complete all required documentation relating to the charter of the Sevan Voyageur FPSO. The period was extended from June 30, 2010 to Aug. 16, 2010. As previously reported, Sevan agreed to negotiate with E.ON Ruhrgas on the potential use of the FPSO as the production unit for the Huntington field. The proposed contract will be for a fixed term of five years with extension options for the field's owners. The contract value is estimated to be US $535 million for the fixed term. The Huntington oil field, located on Block 22/14 of the UK sector of the North Sea, is operated by E.ON Ruhrgas, holding a 25% interest; Premier Oil holds 40%; Carrizo holds 15%; and Altinex holds the remaining 20% interest.

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