Sevan, Venture Extend Contract for Second Sevan Floater

Venture Production Plc and Sevan Marine ASA have agreed to extend a contract previously entered into between the two companies for the provision of a second cylinder shaped floating production, storage and offloading unit to Venture.

Previously, Venture and Sevan have signed a contract for the FPSO Sevan Hummingbird, a Sevan 300 FPSO which has already been installed and is being commissioned on the Chestnut Field in the UK Central North Sea.

The second Sevan 300 FPSO to be provided to Venture will be based on Sevan's own patented technology. Among the advantages expected to be provided by the cylinder shaped Sevan FPSOs are higher uptime and lower operating costs.

Under the revised contract, Venture may deploy the Sevan 300 on any of its fields in the North Sea. Venture shall notify Sevan on which field it will utilize the unit. The process modules will be designed by Kanfa AS, Sevan's wholly-owned subsidiary, based on the specific field requirements. The contract terms have been adjusted to reflect the current market.

"Venture's decision to extend the contract underlines the suitability of utilizing the cylinder shaped Sevan FPSOs for developing marginal fields in harsh environments," says Jan Erik Tveteraas, CEO Marine ASA.