Sevan secures funds for FPSO upgrade

Sevan has agreed a secured bank facility of $230 million with ING Bank for work on the FPSO Sevan Voyageur, replacing existing 1st line financing of $150 million.

Offshore staff

ARENDAL, Norway -- Sevan has agreed a secured bank facility of $230 million with ING Bank for work on the FPSO Sevan Voyageur, replacing existing 1st line financing of $150 million.

The proceeds complete funding of the installation of a gas compression plant to upgrade the platform for operation on the Huntington field in the UK North Sea.

Last month, Sevan and E.ON Ruhrgas UK E&P entered into a Letter of Intent for use of the FPSO on Huntington. The proposed charter party will have a five-year firm fixed term with optional extensions, and an estimated contract value for the fixed term of $535 million.

06/08/2010

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