Sevan Marine has signed two agreements related to an unnamed FPSO prospect in the UK North Sea.
The company has been working with the client on front end engineering and development (FEED) work over past several months.
The first agreement is a technology license agreement where the client will license Sevan’s proprietary technology. The second is a service agreement under which Sevan will continue to provide technical and administrative resources to the project.
Sevan said payments are subject to the field developers’ final investment decision and start of construction of the unit, which is not expected before second half of 2016.
Chief executive Carl Lieungh said: “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.
“We are excited have reached this stage and look forward to working will all parties to make this project a success.”