Sevan Marine expands its long-term cooperation with China’s Hantong Shipyard. Sevan experiences a strong demand for and interest in its proprietary Sevan technology and the Sevan platforms.

The Company has therefore decided to order an additional Sevan 300 FPSO (Sevan 300 no. 5) from Hantong Shipyard. Sevan also intends to increase the scope of work on the Sevan 300 no. 4 (currently under construction at Hantong Shipyard), to also include the living quarter and central shaft.

This platform will be installed as a floating production unit on Venture Production’s Pilot Field in the central UK North Sea. Furthermore, Sevan has agreed with Hantong shipyard that the Sevan 650 that has previously been ordered will be built as a floating production platform.

Concurrent with the above transactions, Sevan has entered into an EPCI contract with China’s COSCO for the Sevan 650 drilling unit, which has been contracted to Petrobras America Inc for its US Gulf of Mexico operations. All relevant third party consents to this change have been obtained. The change is not expected to affect project cost or time schedule. Under a separate agreement with COSCO, Sevan has secured options for the construction of two additional hulls.

“We are pleased to announce this expansion of our relationship with Hantong and the additional construction capacity that has been secured through the agreement with COSCO. This enables us to continue to deliver cost-effective solutions to our existing clients and offer attractive time to first oil for new projects, says Jan Erik Tveteraas, CEO of Sevan Marine ASA”.