Sevan Marine Secures Financing for FPSO Sevan Voyageur

Sevan Marine ASA, on behalf of one of its subsidiaries, has signed a mandate with a leading financial institution to arrange construction financing of USD 150 million and a 5 year term loan of USD 300 million (post delivery) for the FPSO Sevan Voyageur.

FPSO Sevan Voyageur is in the final construction phase at the Yantai Raffles Shipyard in China. In Q4 2007, the unit will be transported onboard a dry-tow vessel from China to a European shipyard for topside hook-up and commissioning. FPSO Sevan Voyageur will be installed on the Shelley field in the central UK North Sea in 2008, under a five year contract with Oilexco North Sea Ltd.

- We are pleased to announce this bank facility, which provides Sevan with a financial flexibility during the construction and operating phases of the FPSO Sevan Voyageur, says Jan Erik Tveteraas, CEO, Sevan Marine ASA.

Sevan Marine ASA is listed on Oslo Bors and is specializing in building, owning and operating floating units for offshore applications. The Company has developed a cylinder shaped platform type, suitable for applications in all offshore environments. Presently Sevan Marine is focusing on two application types for its cylinder platform, floating production and drilling. Sevan Marine has offices in Tananger, Arendal, Asker and Trondheim, Norway; Singapore and Rio de Janeiro, Brazil.