Norway-based ”round-rig” maker Sevan Marine posted a fouth-quarter 2007 net loss of $18 million on Wednesday, as expenses tripled to curb a stream of revenues, some $32 million, mostly from Brazil.

Despite the meagre showing on revenues that rose 60-fold, Sevan’s cylindrical floating production storage and offloading vessels, or FPSOs, are gaining interest for requiring less steel to build in times of shoartage.

Much work is being moved from Europe to less costly China, just as “several potential projects” hold promise in India, West Africa and Australia. Holding the fort is the company’s access to financing and $222 million cash on hand.

Meanwhile, the Chestnut FPSO in the North Sea awaits is seeing its topsides commissioned, with first oil imminent. Later this year, the Shelley Field’s Voyageur FPSO will come on stream.

A true round rig, the Sevan Driller, is scheduled for six years of work for Petrobras in the Gulf of Mexico.

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