Sevan Marine secures long term framework agreement with ExxonMobil
- Published: 24 February 2017
Sevan Marine ASA is pleased to announce that it has entered into a long term framework agreement with ExxonMobil for the provision of services and use of Sevan Marine’s cylindrical hull technology.
Sevan Marine has worked with ExxonMobil since 2015, when the company was awarded a feasibility study to explore the use of Sevan Marine’s cylindrical hull for a FLNG development. Sevan Marine is currently working on a follow up study focusing on the hull and marine aspects of Sevan Marine’s unique cylindrical design.
The total value of the framework agreement is subject to the calling off of individual orders. Sevan Marine expects the first order under this agreement, involving the continuation of engineering and FLNG design work, to be called off later in February.
“We are delighted to have secured this long term frame agreement with ExxonMobil. It is a further milestone in the development of Sevan Marine, its cylindrical hull design and its engineering capabilities. We look forward to continuing to support ExxonMobil in the years to come,” says Reese McNeel, CEO of Sevan Marine ASA. He continues: “Sevan Marine has received substantially increased interest in its unique design from several oil companies over the last months and the company believes this is a reflection of a changing market place, increased willingness of large oil companies to consider different technologies and Sevan Marine’s own business development efforts”.
Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.
For more information please contact:
Reese McNeel, CEO, Sevan Marine ASA
+47 415 08 186
The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.