Sevan Marine negotiating FPSO construction contracts

Sevan Marine continues negotiations with the Jiangsu Hantong Ship Heavy Industry shipyard regarding the construction of the FPSO Seven No. 4 and Seven No. 5.

Offshore staff

OSLO-- Sevan Marine continues negotiations with the Jiangsu Hantong Ship Heavy Industry shipyard regarding the construction of the FPSO Seven No. 4 and Seven No. 5.

Sevan intends to minimize the investments on the vessels prior to achieving firm contracts with oil companies. During the ongoing negotiations with the shipyard, Sevan is withholding payments amounting to about $7 million.

03/13/2009

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