Sevan Expands Construction Program, Secures Yard Capacity

Sevan Marine ASA, realizing strong demand for its proprietary technology and platforms, has ordered an additional Sevan 300 FPSO (Sevan 300 no. 5) from China's Hantong Shipyard. In addition, Sevan plans to increase the scope of work on the Sevan 300 no. 4 (currently under construction at Hantong) to include the living quarter and central shaft. The platform will be installed as a floating production unit on Venture Production's Pilot Field in the central UK North Sea.

Sevan and Hantong have also agreed that the previously ordered Sevan 650 will be built as a floating production platform.

Concurrent with the above transactions, Sevan has entered into an EPCI contract with China's COSCO for the Sevan 650 drilling unit, which has been contracted to Petrobras America Inc for its US Gulf of Mexico operations. All relevant third-party consents to this change have been obtained. The change is not expected to affect project cost or time schedule. Under a separate agreement with COSCO, Sevan has secured options for the construction of two additional hulls.

"We are pleased to announce this expansion of our relationship with Hantong and the additional construction capacity that has been secured through the agreement with COSCO," said Jan Erik Tveteraas, CEO of Sevan Marine ASA. "This enables us to continue to deliver cost-effective solutions to our existing clients and offer attractive time to first oil for new projects."

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, Asker and Trondheim, Norway; Singapore and Rio de Janeiro, Brazil.

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