Norway: Letter of Intent Extended for FPSO Sevan Voyageur

In reference to the announcement made on May 3, 2010, Sevan Marine ASA, on behalf of its wholly owned subsidiaries, and E.ON Ruhrgas UK E&P Limited, as operator on behalf of the Huntington owners, have agreed to extend the Exclusivity Period from June 30, 2010, to August 16, 2010, to allow for the completion of all required documentation relating to the charter of FPSO Sevan Voyageur.

The proposed charter party will be for a firm fixed term of five years with extension options for the Huntington owners. The estimated contract value would be USD 535 million for the fixed term.

The Huntington owners are:

E.ON Ruhrgas UK E&P Ltd (25% and operator)

Premier Oil ONS Ltd (40%)

Noreco (Norwegian Energy Company ASA) (20%)

Carrizo Oil & Gas Inc (15%)

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, July 1, 2010: