Commissioning of Sevan Marine ultra-deepwater semisubmersible Sevan Driller is ongoing at the COSCO Qidong shipyard, and rig crew have already moved into living quarters. The company is arranging financing for a second semi and considering a third.

Delays in the shipment of equipment have caused a revision in the
delivery schedule of Sevan Driller. The rig will now be delivered in
the fourth quarter of 2009 and commence its first contract in the first
quarter of 2010.

In June, Petrobras and Sevan Marine revised the charter contract for
Sevan Driller. The contract was reassigned from Petrobras Americas Inc.
to Petrobras S.A. for operations offshore Brazil instead of the U.S.
Gulf of Mexico as initially agreed. The new contract value is estimated
to US$1.006 billion including a bonus arrangement and mobilization fee.
Sevan Marine has raised capital to finance the second Sevan drilling
unit, semi Sevan Driller II, at COSCO Nantong. The capital was raised
by a private placement of 121 million shares in Sevan Marine ASA due to
investor restrictions on investing in an OTC-listed drilling entity.
Sevan is currently in the process of securing the debt financing
through a bank facility guaranteed by the Norwegian and Chinese ECAs of
an expected 75 percent of total capital. Sevan Marine is considering a
de-merger of the drilling business. A proposal will be presented at an
extraordinary general meeting following commencement of operations of
Sevan Driller. Any further equity for a third Sevan Driller unit will
need will be raised directly by Sevan Drilling. Negotiations on terms
with ONGC are still pending. Sevan will not be able to pursue the
contract at this stage if agreement is not reached.

Source: Energy Current

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