Sevan Seals Goliat FEED Deal with Eni Norge

Sevan Marine ASA has signed a Letter of Intent (LOI) with Eni Norge AS, the operator of the Goliat license (PL229), for the Goliat FPSO Design Competition FEED Phase.

Under the LOI, Sevan will further mature the Sevan FPSO for the proposed Goliat offshore solution. The FPSO will be based on Sevan`s own proprietary technology. The 100% Norwegian Sevan design incorporates the potential for feeding the FPSO with electrical power from shore, reducing the emission of CO2.

The Design Competition Phase will be completed by early Autumn 2008. It is estimated that the selected concept will be announced in 4th Quarter of 2008. The Goliat field is located in the Barents Sea, approximately 85 km northwest of Hammerfest and 50 km southeast of the Snohvit field. The licensees in production license 229/229B are Eni Norge AS (Operator) with 65%, StatoilHydro ASA with 20%, and Noil Energy ASA with 15%.

"We are proud that Eni Norge AS has selected Sevan for the FEED phase of the Goliat project," says Jan Erik Tveteraas, CEO of Sevan Marine ASA. "It illustrates the competitiveness of Norwegian technology in the most challenging parts of the offshore market. The cylinder shaped Sevan FPSO is particularly suitable for operations in the Barents Sea, due to its environmentally friendly operations, high efficiency and good stability under harsh weather conditions."

The Sevan technology is a proven design. Sevan has previously contracted five units to clients, with the scope of work including the delivery of a complete unit, with hull, topside and living quarter as well as the hook-up, commissioning and offshore installation activities and the subsequent operations.

The FPSO Sevan Piranema started oil production in October 2007 off the coast of Brazil, while the FPSO Sevan Hummingbird has been installed on the Chestnut field in the UK North Sea, preparing for commencement of oil production. Later this year, the FPSO Sevan Voyageur will be installed in the UK North Sea, while a Sevan Drilling unit and an additional Sevan FPSO are contracted for operations in the US Gulf of Mexico and the UK North Sea, respectively.