Shell has announced the final investment decision for the Penguins field redevelopment project in the UK sector. The decision includes the construction of a new-build Sevan Marine designed cylindrical FPSO.
With the final investment decision, Sevan Marine will receive an initial milestone payment. Further payments are subject to three future milestones. Sevan Marine will also continue to provide engineering support during the construction of the unit over the next 3 to 4 years.
This final investment decision marks yet another major milestone for the Sevan Marine cylindrical concept. The selection of the concept is a very strong endorsement of the concept as a low cost, viable alternative to traditional ship-shaped FPSOs. The Penguins FPSO will be the 6th Sevan Marine designed cylindrical FPSO to be built.
“I would like to congratulate all those who have worked so hard at Shell and Sevan Marine on making this final investment decision milestone a reality. Together with the recent start-up of the Dana Petroleum operated Western Isles FPSO in the UK and cost reductions taken, we have come a long way in turning around Sevan Marine. We look forward to fully supporting the construction of the Penguins FPSO while further developing the Sevan Marine concept and winning new projects.” says Reese McNeel, CEO of Sevan Marine ASA.
Sevan Marine ASA is specializing in the design, engineering and project execution of floating units for offshore applications. Sevan Marine ASA is listed on the 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.