Sevan secures six additional options with COSCO

Sevan Marine ASA has secured options to build six additional Sevan drilling units (or other Sevan units) with China's COSCO shipyard group. Sevan is currently building the ultra deepwater, dynamically positioned Sevan Driller at COSCO's Nantong shipyard and intends to build the two recently contracted deepwater drilling units to be provided to Petrobras SA and ONGC, respectively, at the same shipyard.
- The agreement with COSCO puts us in an excellent position to take advantage of the expected strong market for deepwater drilling units, says Jan Erik Tveteraas, CEO of Sevan Marine ASA.
Sevan Marine ASA is listed on Oslo Bψrs (ticker SEVAN) and is specializing in building, owning and operating floating units for offshore applications. The Company has developed a cylinder shaped floater, suitable in all offshore environments. Presently Sevan Marine has four floating production, storage and offloading units (FPSOs) and one drilling unit contracted to clients. The Company is also developing other application types for its cylindrical Sevan hull, including floating LNG production and power plants with CO2 capture. For more information, please refer to www.sevanmarine.com.

Source: Sevan Marine ASA