First oil on FPSO Sevan Voyageur

Thursday, August 06, 2009

Sevan Marine is pleased to announce that oil production on the FPSO Sevan Voyageur at Shelley field commenced today.

The unit will be working under a production sharing contract with Premier Oil Plc who is the owner and operator of the field following its acquisition of Oilexco North Sea Limited in May this year.

The Shelley field is located in the UK Central North Sea in 95m water depth. The field has been developed using two horizontal subsea production wells equipped with downhole electric submersible pumps. The wells are connected via a flow line and a control umbilical to the FPSO.

In addition to the FPSO Sevan Voyageur, Sevan has two other production units in operation as well as a license contract with Eni Norge AS for the development of the Goliat field in the Barents Sea. The Company's first unit; FPSO Sevan Piranema, has been producing for Petrobras in Brazil since October 2007, and FPSO Sevan Hummingbird has been producing for Venture Production Plc in the UK Central North Sea since September 2008. Both units have been producing at high uptime levels and with no downtime due to weather conditions.

Sevan Marine ASA is listed on Oslo B?rs (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. For more information, please refer to http://www.sevanmarine.com/

For more information, please refer to www.sevanmarine.com.