Following the participation in front-end engineering and development (FEED) work over past several months, Sevan Marine has announced that it has signed two agreements related to the FPSO prospects in the UK North Sea.
The first agreement is a technology license agreement whereby the client will pay a license fee to Sevan Marine for the right to use their proprietary technology.
The second is a service agreement under which Sevan Marine will continue to provide technical and administrative resources to the project. Under the license agreement payments to the company remain subject to the field developers’ final investment decision and start of construction of the unit, which is not expected before 2H 2016.
“The entering into these agreements with an oil major is yet another verification of both the benefits and maturity of the Sevan Marine cylindrical hull design,” said Carl Lieungh, CEO. “We are excited have reached this stage and look forward to working will all parties to make this project a success.”