Norway's Sevan Marine ASA to provide second FPSO for Venture Production Plc

Nordic Business Report, May 6, 2008

NORDIC BUSINESS REPORT-6 May 2008-Norway's Sevan Marine ASA to provide second FPSO for Venture Production Plc(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian floating production, storage and offloading (FPSO) units builder, owner and operator Sevan Marine ASA (OSE:SEVAN) said on Tuesday (6 May) that it has received a second contract from Venture Production Plc (LSE:VPC).

Like the first contract, under which Sevan Marine is operating the FPSO Sevan Hummingbird on the Chestnut Field in the UK North Sea, the new contract covers the construction and provision of a cylinder-shaped Sevan 300 FPSO unit for one of Venture Production's fields in the North Sea.

The new FPSO unit will be designed by Sevan Marine's subsidiary Kanfa AS based on the specific field requirements.

The new contract represents a extension of the original contract, with adjustments to reflect the current market, Sevan Marine said.

Sevan Marine, headquartered in Arendal, Norway, builds, owns and operates floating units for offshore applications. The company has currently four FPSO units and one drilling unit. Sevan Marine has some 240 employees and reported revenue of USD82m in 2007.

One British pound (GBP) is worth approximately 1.98 US dollars (USD).

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