Offshore staff

Venture Production (North Sea Developments) Ltd. together with its partners Bow Valley Petroleum (UK) Ltd. and Atlantic Petroleum UK Ltd., has entered into a letter of intent with Sevan Marine ASA to charter Sevan's floating production unitSSP 300 FPSO for the Chestnut field in the central UK North Sea. The Chestnut field is in 120 m water depth.

The charter contract is for 30 months, with extension options for 24 months. Sevan will install the unit on the Chestnut field in the first half of 2007. The company will equip the FPSO with a process capacity of 30,000 b/d, an injection plant with 20,000 b/d of water capacity, and 300,000 bbl of oil storage.

The contract value is $64 million, excluding any Sevan Marine operational services.

6/03/05