Norway’s Sevan Marine signed a long-term framework agreement with ExxonMobil for the provision of services and use of the company’s cylindrical hull technology.
The company noted in its statement on Friday that it has worked with ExxonMobil since 2015, when the company was awarded a feasibility study to explore the use of its cylindrical hull for an FLNG development.
Sevan Marine is currently working on a follow-up study focusing on the hull and marine aspects of Sevan Marine’s unique cylindrical design, the statement reads.
The value of the agreement will depend on the individual orders, first of which Sevan Marine expects to receive by the end of this month which would include the continuation of engineering and FLNG design work.
Reese McNeel, CEO of Sevan Marine said the company has received “substantially increased interest in its unique design from several oil companies over the last months and the company believes this is a reflection of a changing marketplace, increased willingness of large oil companies to consider different technologies.”