Finance in place for Shelley floater

Sevan Marine has secured financing for construction of a new FPSO for Oilexco's Shelley development in the UK central North Sea.

Offshore staff

TANANGER, Norway --Sevan Marine has secured financing for construction of a new FPSO for Oilexco's Shelley development in the UK central North Sea.

Under the agreement, Sevan Marine will receive $150 million of financing toward construction of the vessel at the Yantai Raffles Shipyard in China and a five-year term loan of $300 million (post-delivery) of the FPSOVoyageur.

The cylinder-shaped platform is nearing completion, and toward year-end will be transported on a dry-tow vessel from China to a shipyard in Europe for topside hookup and commissioning.

TheVoyageur should be installed on the Shelley field next year, where it will operate under a five-year contract with Oilexco.

09/24/2007

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