Logitel Offshore – Teekay has exercised the first FAU option

11 August 2014

With reference to our announcement on 10 July 2014, Teekay Offshore Partners LP has advised that they have exercised the first of six options to build another Floating Accommodation Unit (FAU) based on the Sevan design at the Cosco Shipyard, Nantong, for delivery in Q3 2016, thus expanding the current building programme to three units.

CEO Carl Lieungh comments “Sevan’s cylindrical hull design is perceived to have several competitive advantages relative to competitors such as; lower cost, higher deck load capacity, better stability and more storage space. Teekay’s exercise of the first FAU option will also have a positive effect on our earnings”.

Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

Sevan Marine ASA press release