Norway: Sevan Marine Acquires Full Ownership of Hummingbird FPSO

Centrica Energy Upstream (‘Centrica’) and Sevan Marine ASA (‘Sevan’) have, through their respective wholly-owned subsidiaries, entered into an agreement for Sevan to acquire Centrica’s 20% equity interest in FPSO Sevan Hummingbird for a net consideration of USD 39 million.

Following the transaction, Sevan will become the 100% indirect owner of FPSO Sevan Hummingbird. Centrica will retain the right to 20% of any profit realized by Sevan in the event of a sale of the FPSO within five years at a higher price than the transaction value. The transaction closed today.

FPSO Sevan Hummingbird has been operating for Centrica since September 2008 under a fixed 2.5 year contract with extension options for up to 7 years.

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.

Sevan Marine ASA is specializing in owning, operating and licensing FPSOs and drilling units, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN.

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Source: Sevanmarine, August 12, 2010: