Sevan Marine ASA (SEVAN): Venture and Sevan sign agreement for Chestnut

abarrelfullabarrelfull wrote on 25 Feb 2013 07:43

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2nd June 2005

Venture Production (North Sea Developments) Limited, the Aberdeen based UK independent oil and gas production company on behalf of itself and its partners, Bow Valley Petroleum (UK) Limited and Atlantic Petroleum UK Limited, has entered into a letter of intent with Sevan Marine ASA for the use of Sevan’s floating production unit SSP 300 FPSO on the Chestnut field in the central UK North Sea, in a water depth of about 120 m.

The fixed term of the charter contract is 30 months, with extension options for an additional 24 months. The SSP 300 FPSO would be installed on the Chestnut field during the first half of 2007. The contract value for the fixed term is approximately USD 64 million, excluding the value of any operational services to be performed by Sevan Marine.

The SSP 300 FPSO will be equipped with a process plant capacity of 30,000 barrels of oil per day, a water injection plant with a capacity of 20,000 barrels per day and an oil storage capacity of 300,000 barrrels.

The Chestnut SSP is the second unit contracted by Sevan Marine this year, as the Company has already signed an 11-year contract with the Brazilian oil company Petrobras S.A. for the provision of one SSP 300 to the Piranema field, with first oil expected mid-2006.

- The agreement with Venture demonstrates the versatility of the SSP design. The North Sea has a number of small and medium sized fields that require innovative stand-alone development solutions, and the SSP technology provides a viable technical and economical solution for those fields, says Jan Erik Tveteraas, CEO of Sevan Marine ASA.

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