Oilex to Use Sevan 300 No. 3 for Shelley Field

Oilexco has entered into a definitive agreement with Sevan Production UK Ltd, a wholly-owned subsidiary of Sevan Marine ASA, for the use of the Sevan 300 no. 3 production unit, replacing a letter of intent previously entered into between the parties. The Sevan 300 no.3 is intended to be installed on the Shelley field in the central UK North Sea in 2008.

The fixed term of the contract is five years, with extension options for an additional five years. The contract value for the fixed term is approximately US $370 million. The Sevan 300 no.3 is the fourth floating production unit to be contracted, all of which are based on the Sevan 300 design. Three of these units will be based in the UK North Sea, while one will be operating in Brazil. Previously, Sevan has also contracted one drilling unit, based on the Sevan 650 design, for use in the US Gulf of Mexico.

We are pleased to have signed this definitive agreement with Oilexco, demonstrating the attractiveness of the Sevan platform in the technologically challenging segments of the offshore market. We have now five units under contract. The market continues to look good and our ambition is now to secure contracts for the Sevan 300 and the Sevan 650 floating production hulls which have been ordered, says Jan Erik Tveteraas, CEO of Sevan Marine ASA.

Sevan Marine ASA is a Norwegian company listed on Oslo Børs 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.

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