Sevan Marine to Provide Its FPSO Technology for Western Isles Project

Dana Petroleum, on behalf of the Western Isles license partners, has today signed two agreements with Sevan Marine for the application of a Sevan FPSO for the development of the Western Isles project:

A Technology License Agreement granting rights to use Sevan Marine’s patented technology for the cylindrically shaped FPSO and A Service Agreement providing the project with relevant expertise for support during the FPSO EPC project execution.

The COSCO Nantong and Qidong Shipyards in China will be responsible for the construction of the FPSO.

The Dana-operated Western Isles Project will develop two discovered oil fields called Harris and Barra in the Northern North Sea, 160km east of the Shetlands and 12km west of Tern field. It involves a subsea development of at least five production and four water injection wells tied back to the FPSO with oil export using shuttle tanker.

The Western Isles fields partners are Dana Petroleum (operator with 77%) and CIECO Exploration and Production (UK) Limited (“CIECO”), a subsidiary of ITOCHU Corporation (23%).

[mappress]
Press Release, December 17, 2012