Sevan Marine ASA would like to congratulate Dana Petroleum on the achievement of first oil from the Dana Western Isles FPSO. The Sevan Marine based FPSO built in China brings the total number for Sevan Marine cylindrical units operating in the UK North Sea to three, including the Teekay Offshore Partners owned and operated Hummingbird and Voyaguer Spirit FPSOs.

“It is great to see the Western Isles FPSO achieve first oil. A large round of applause goes out to all those who have worked so hard to reach this point,” says Reese McNeel, CEO of Sevan Marine ASA. He continues: “It is exciting to see yet another Sevan Marine cylindrical FPSO working in the North Sea. I am confident that this is just the start of what will be a number of new cost effective, Sevan Marine designed FPSOs in the coming years.”

Sevan Marine ASA is entitled to USD 0.5 per barrel produced and exported from the Western Isles FPSO. Sevan Marine ASA expects to start receiving income in late Q4 2017 or early Q1 2018 depending upon production.

About Sevan Marine

Sevan Marine ASA is specializing in the design, engineering and project execution of floating units for offshore applications. Sevan Marine ASA is listed on the Oslo Børs with ticker SEVAN.

About Dana Petroleum Limited

Dana Petroleum Limited is a wholly owned subsidiary of the Korea National Oil Corporation (KNOC). We are an international oil and gas business with operations in the UK, Egypt and the Netherlands producing an average of 50,000 barrels of oil a day.