Sevan signs MoU for FPSO Sevan Voyageur

Sevan Production has entered into a Memorandum of Understanding with Premier Oil and Gas Services for the continued provision and operation of the FPSO Sevan Voyageur.

Offshore staff

ARENDAL, Norway -- Sevan Production has entered into a Memorandum of Understanding with Premier Oil and Gas Services for the continued provision and operation of the FPSO Sevan Voyageur for the development of the Shelley field, in the event that Premier or one of its affiliates becomes the successful purchaser of either Oilexco North Sea or the Shelley field. The FPSO is already moored at the field. The hook-up of the field's subsea facilities is expected to take place mid-2009 to enable production startup.

The FPSOSevan Voyageur will be operated under a production sharing contract whereby Sevan will be compensated for its actual operating cost and will in addition receive a tariff payment based on actual monthly revenue from oil production from the field.

04/14/2009

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