Sevan takes full ownership of Chestnut floater

Sevan Marine has agreed to acquire Centrica Energy Upstream’s 20% equity interest in the FPSO Sevan Hummingbird for $39 million.

Offshore staff

LONDON – Sevan Marine has agreed to acquire Centrica Energy Upstream’s 20% equity interest in the FPSO Sevan Hummingbird for $39 million.

Following the transaction, Sevan will become the platform’s 100% indirect owner. However, Centrica will retain the right to 20% of any profit Sevan may realize if the FPSO is sold on within five years at a higher price than the transaction value.

Sevan Hummingbird has been operating for Centrica since September 2008 on the Chestnut field in the UK North Sea under a fixed two-and-a-half year contract with extension options for up to seven years.


08/12/2010

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