SEVAN Marine and Premier Oil have signed up to a firm contract for the continued provision and operation of the floating production, storage and offloading vessel (FPSO), Sevan Voyageur, on the Shelley field in the Central North Sea (blocks 22/2b and 22/3a).
Sevan said the contract confirmed a memorandum of understanding previously entered into between the parties. It finally puts an end to any doubts following last winter’s crash of Oilexco, which originally located Shelley and whose assets recently became part of Premier’s portfolio.
Sevan Voyageur is already moored on the field and hook-up of the field subsea facilities is expected to take place mid-year. The can-shaped floater will be operating under a contract whereby Sevan will be compensated for its actual operating cost and, additionally, receive a performance fee based on actual monthly revenue from oil production from the field.
The contract is structured as a “life of field” agreement providing for the unit to be on location as long as production is economically viable.