Sevan Secures Options with COSCO to Build Six Units

Sevan Marine ASA has secured options to build six additional Sevan drilling units with China's COSCO shipyard group. Sevan is currently building the ultra deepwater, dynamically positioned Sevan Driller at COSCO's Nantong shipyard and intends to build the two recently contracted deepwater drilling units to be provided to Petrobras SA and ONGC, respectively, at the same shipyard.

"The agreement with COSCO puts us in an excellent position to take advantage of the expected strong market for deepwater drilling units," said Jan Erik Tveteraas, CEO of Sevan Marine ASA.