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SSP300 under construction at Yantai Raffles

December 14, 2005

Sevan arranges $120 million finance facility for first SSP

Sevan Production AS, a subsidiary of Norway's Sevan Marine ASA, has signed a US$120 million senior debt project finance facility for Sevan's first floating oil production, storage and offloading unit, the SSP Piranema.

Sevan Marine ASA 's SSP (Sevan Stabilized Platform) is a new, cylinder shaped platform type for floating production, storage and offloading of oil and gas,

GE's financial businesses and ANZ, acting as joint Mandated Lead Arrangers for the $120 million facility. The debt facility is structured as a limited recourse financing containing a pre-completion construction financing of up to US$20 million that converts into a ten-year amortizing term loan following delivery of the SSP Piranema to Petrobras.

The first SSP is currently under construction at Yantai Raffles in China.

The SSP 300 is an FPSO with an oil storage capacity of 300 000 bbls, an oil processing capacity of 30 000 bbls/day and a gas injection capacity of 3.6 million cu.m/day. The unit will carry up to 21 risers and umbilicals.

It will work for Petrobras on the Piranema field from mid-2006. The water depth at the field is 1,000m---1,600 m. The contract with Petrobras has a fixed term of 11 years, with 6 x 1 year options and 5 x 1 year mutually agreed.

Sevan has signed a contract with Venture Production for the use of one SSP 300, as an FPSO on the Chestnut field in the central North Sea. The water depth at the field is 120 m. The unit will have an oil processing capacity of 30 000 bbls/day and a water injection capacity of 20 000 bbls/day. The unit will carry up to 3 risers and umbilicals. The unit will be delivered from the Yantai Raffles in the first quarter of 2007 and will be installed at the field mid-2007. The contract with Venture Production has a fixed term of 2.5 years, with 4 x 6 months options.

Sevan has ordered a third SSP 300 from Yantai Raffles. The SSP will be equipped as an FPSO, with an oil storage capacity of 300 000 bbls. The unit is currently uncommitted.

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