Sevan gains credit for FPSO upgrade

Sevan Marine has secured a commitment from ING Bank to underwrite a $230-million Senior Secured Credit Facility for the FPSO Sevan Voyageur.

Offshore staff

ARENDAL, Norway -- Sevan Marine has secured a commitment from ING Bank to underwrite a $230-million Senior Secured Credit Facility for the FPSO Sevan Voyageur.

The loan agreement should be completed this summer, allowing funding to go forward for installation of a gas compression plant on the FPSO Sevan. The vessel, which had been deployed on Premier’s Shelley field, is being upgraded for operation on the Huntington field in the UK central North Sea.

Sevan and E.ON Ruhrgas UK E&P have entered into a Letter of Intent over use of the vessel on Huntington for a five-year fixed term, with extension options. The contract value for the fixed term is estimated at $535 million.


07/08/2010

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