ARENDAL, Norway – Sevan Marine has entered into a long-term framework agreement with ExxonMobil concerning its cylindrical hull technology.
The two parties have worked together since 2015, when Sevan was awarded a feasibility study to explore the use of its hull shape for a floating LNG (FLNG) development.
Currently Sevan is working on a follow-up study focused on the hull and marine aspects.
Total value of the framework agreement is subject to the calling-off of individual orders. Sevan expects the call-off for the first order later this month, involving the continuation of engineering and FLNG design work.
Reese McNeel, CEO of Sevan Marine, said: “Sevan Marine has received substantially increased interest in its unique design from several oil companies over the last months and the company believes this is a reflection of a changing market place, increased willingness of large oil companies to consider different technologies, and Sevan Marine’s own business development efforts.”