Sevan enters into contract with Premier

Sevan Marine ASA and Premier Oil Plc, through their respective wholly owned subsidiaries, have entered into a firm contract for the continued provision and operation of the FPSO Sevan Voyageur for the development of the Shelley field in the central UK North Sea.

The contract confirms a Memorandum of Understanding previously entered into between the parties, as announced on April 14, 2009.


The FPSO Sevan Voyageur is already moored on the field and hook-up of the field subsea facilities is expected to take place mid-2009 to enable production start up.

- We are pleased to enter into this contract and are looking forward to commence the collaboration with Premier Oil Plc, says CEO Jan Erik Tveteraas.

The FPSO Sevan Voyageur will be operating under a contract where Sevan will be compensated for its actual operating cost and additionally receive a performance fee based on actual monthly revenue from oil production from the field. The contract is structured as a 'life of field' contract, whereby the FPSO will be on location as long as production is economically viable.

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations

Sevan Marine ASA is listed on Oslo Børs (ticker SEVAN) and is specializing in building, owning and operating floating units for offshore applications. The Company has developed a cylinder shaped floater, suitable in all offshore environments. Presently, Sevan Marine has four FPSO contracts, including the Goliat Sevan 1000 FPSO, and three drilling contracts with clients. The Company is also developing other application types for its cylindrical Sevan hull, including floating LNG production and power plants with CO2 capture.