Sevan Still Mum on FLNG Study

Norway's cylindrical floating production specialist Sevan Marine cut its 2015 net loss of $62mn by 62% to a 2016 loss of $23.6mn, it said February 22.

It said a floating liquefaction (FLNG) study for a specific FLNG field development with a US oil major continued last quarter, with additional work expected to start in 1Q 2017. The work was first announced almost a year ago. Sevan Marine has not named the client but ExxonMobil has said it is not them, leaving Chevron (for which Sevan did work before) and ConocoPhillips. Nor has it said where the development would be.

Still in talks about Philippines regas project

Sevan's 95%-owned affiliate HiLoad LNG continued marketing and development of both its HiLoad LNG offloading system into both the FLNG and the Floating Regas Dock for small scale regasification projects (FRD) markets. With respect to the latter, HiLoad LNG remains in talks with Manila-based Vires Energy Corporation regarding its project in the Philippines, a feasibility study for which was undertaken in 2015. Reports from that country said the regasification project would be based in Batangas City in southern Luzon, 100km south of Manila. Houston-based Waller Marine was retained a year ago by Vires to produce front end engineering design (FEED) for a 400 MW floating power generation barge there, then expected by end-2017.

Illustration of Floating Regas Dock, or FRD (Photo credit: Sevan Marine) 

Other firms are looking at separate, even competing LNG import projects in the Philippines archipelago.

Mark Smedley