Sevan to Take Stake in Centrica's FPSO Sevan Hummingbird

Centrica and Sevan Marine have, through their respective wholly-owned subsidiaries, entered into an agreement for Sevan to acquire Centrica's 20% equity interest in FPSO Sevan Hummingbird for a net consideration of USD 39 million.

Following the transaction, Sevan will become the 100% indirect owner of FPSO Sevan Hummingbird. Centrica will retain the right to 20% of any profit realized by Sevan in the event of a sale of the FPSO within five years at a higher price than the transaction value. The transaction closed.

FPSO Sevan Hummingbird has been operating for Centrica since September 2008 under a fixed 2.5 year contract with extension options for up to 7 years.

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