Sevan updates drilling projects

Sevan Marine has provided updates on the company's FPSO and drilling projects.

Offshore staff

OSLO -- Sevan Marine has provided updates on the company's FPSO and drilling projects.

FPSO projects
Commissioning activities continue on the FPSO Sevan Hummingbird on Venture's Chestnut field in the central North Sea. According to Sevan, good progress has been made and the problems related to the ballast piping reported on June 27 have been rectified. First oil is expected during 3Q 2008.

The FPSOSevan Voyageur is currently undergoing commissioning activities at the Keppel Verolme shipyard in Rotterdam ahead of its installation on Oilexco's Shelley field in the central North Sea. First oil is planned for 4Q 2008.

The FPSOSevan Piranema has achieved a production uptime of 100% in July and 99.7% in June. A second well was successfully put onstream last month. The uptime during Sevan Piranema's first nine months of operations exceeds 99%, the company says.

Drilling projects
Petrobras has requested that the deepwater drilling unit Sevan Driller is to be installed offshore Brazil for its first drilling program, instead of Gulf of Mexico, as initially agreed. The preliminary drilling schedule forecasts exploratory wells to be drilled in Santos basin pre-salt cluster. The drilling unit will be equipped for initial operations in 2,400 m (7,874 ft) water depth instead of 1,500 m (4,921 ft) as previously agreed. The drilling program is scheduled to begin in mid-2009.

The construction of theSevan Driller is proceeding according to schedule and budget at Cosco's Nantong Shipyard in China, the company says.

Sevan has awarded letter of intents (LOIs) to Cosco for turnkey contracts comprising construction, equipment procurement and installation, and commissioning of the two new deepwater drilling units to be delivered to ONGC and Petrobras at the end of 2010 and the end of 2011, respectively. Aker Kvaerner MH has been awarded an LOI for delivery of the drilling package to both rigs. In total, these agreements secures that all three Sevan drilling units are built at the same shipyard and utilizing the same drilling package.

07/28/2008

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