SSP Piranema Contract Start Delayed

Sevan Marine

Petrobras has notified Sevan Marine that it will not be ready to start production of the Piranema Field, as scheduled. The reason is that the issue of the environmental license for the Piranema Field by the Brazilian Environment and Natural Resources Institute (IBAMA) has been temporarily delayed.

As a consequence thereof, Petrobras has notified Sevan Marine that, following customs clearance in Brazil and preliminary acceptance testing, the SSP Piranema will be put on a standby rate in accordance with the contract.

The parties are now identifying suitable locations in Brazil, where the SSP Piranema may be temporary moored until the license is in place. As soon as a suitable location has been identified and the related arrangements have been accommodated, the SSP Piranema will commence its tow-out to Brazil.

Sevan Marine ASA is a Norwegian company listed on Oslo Bors with its own unique technology for floating production, storage and drilling. Sevan's technology is developed for applications in offshore oil and gas field developments. The cylindrical hull form has a significant competitive edge when compared to traditional type floaters. Sevan Marine has offices in Tananger, Arendal and Trondheim, Norway; Singapore and Rio de Janeiro, Brazil.