UK: Sevan Marine ASA and E.ON Ruhrgas Finalize Huntington Contract Negotiations

Sevan Marine ASA and E.ON Ruhrgas UK E&P have finalized the commercial negotiations on the Charter Party Agreement for the lease of the FPSO Sevan Voyageur for operation on the Huntington field.

The charter party has a fixed term of five years with extension options and an estimated contract value of USD 535 million for the fixed term.

Huntington is operated by E.ON with an equity share of 25%. The other joint venture partners are Premier Oil ONS Limited (40%); Altinex Oil (UK) Limited (20%) and Carrizo Oil & Gas, Inc. (15%).

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Source: Sevanmarine , October  3, 2010;