Sevan on course to complete construction programs

Offshore staff

ARENDAL, Norway -- Sevan Marine says construction of the Sevan Driller II is progressing according to plan.

Module fabrication from 24.5-36.5 m (80-120 ft) has been completed and integrated with the main hull. Living quarters and drill floor fabrication continues, and integration with the main hull should occur during this quarter. Sevan Driller II, based on the same design and major equipment items as Sevan Driller currently working offshore Brazil, is due to be delivered from the shipyard during 1Q 2012.

With regard to a third drilling contract, Sevan has issued a Notice of Arbitration to ONGC, informing of its intention to resolve certain disputes concerning ONGC’s firm order for the deepwater drilling unit.

In the arbitration process, Sevan is disputing ONGC’s right to call on a bank guarantee of $15.9 million. Sevan has filed a petition with Indian courts to prevent ONGC from invoking this guarantee until the disputes between the two parties are resolved via arbitration.

As for other construction programs, last November, Sevan and E.ON Ruhrgas UK E&P signed a contract for the lease of the FPSO Sevan Voyageur on the Huntington field development in the UK North Sea. Installation of the FPSO is scheduled for the final part of this year, with first oil targeted early in 2012.

Upgrade works area under way at the Nymo yard in Arendal. This comprises modification of existing process facilities to handle more gas, installation of two gas compression trains for gas export and gas lift, and expanding the capability of the water injection system.

02/15/2011



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