Sevan Voyageur Sets Sail for Shelly Field Operations

On November 29, 2008, the FPSO Sevan Voyageur started the voyage to the Shelly field in the Central UK North Sea, leaving the Keppel Verolme Shipyard in Rotterdam. Having completed a less than 12 months period of hook up and commissioning of the topside and marine systems, the Sevan FPSO is leaving the shipyard 19 months after the contract signature with Oilexco North Sea Ltd.

The unit will be will be deployed under a 5 + 5 year contract. Following arrival on the field, Oilexco will be responsible for the field installation and the unit will be hooked up to a pre-laid the mooring-system. The FPSO Sevan Voyageur is the second cylindrical Sevan FPSO to be installed in the North Sea.

The FPSO Sevan Voyageur will be third cylindrical Sevan FPSO to commence operations. The Company's first FPSO, the Sevan Piranema, has been producing since October 2007, off the coast of Brasil for Petrobras, with a production uptime of more than 99% in the last six months. The Company's second FPSO, the Sevan Hummingbird, has been producing since September 2008 at the Chestnut field in the Central UK North Sea for Venture Production, with a production uptime of more than 99% in its first 2 months of operation.