Petrobras revises terms for Sevan Driller

Commissioning of Sevan Marine’s new deepwater drilling platform Sevan Driller is on schedule.

Offshore staff

OSLO, Norway – Commissioning of Sevan Marine’s new deepwater drilling platform Sevan Driller is on schedule. The crew has moved into the living quarters at the construction site in COSCO Qidong’s shipyard in China.

Recently, Petrobras approved a revised charter contract for the platform, which involved reassigning the contract from Petrobras Americas Inc. to Petrobras S.A for operations offshore Brazil, instead of the US Gulf as agreed originally.

Following this switch and changes to certain specifications, contract terms were adjusted, with a new value estimated at $1 billion, including a bonus arrangement and mobilization fee.

Sevan has secured equity to fund construction of a second drilling unit through a private placement with gross proceeds of $154 million. The remaining funds required should be provided via a debt facility – this platform has been contracted to ONGC on a three-year assignment.

The FPSO Sevan Piranema, which has been producing oil on Petrobras’ Piranema field off Brazil since late 2007, underwent repairs to turbines in April. Interconnection of a new oil-producer well has been re-scheduled for the next few weeks, and this should triple the field’s daily production.

08/17/2009

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