Nyheter for Sea Production Ltd

SEAP - Financial Information Second Quarter 2011

Company news

2011-09-16 10:54:56

Please find enclosed Financial Information Second Quarter 2011- Sea Production Ltd

The Board of Directors
Sea Production Ltd
16 September 2011

For further information, please contact
Michael Staheyeff, Director, Tel: +65 6309 2887

SEAP - Result of Puffin FPSO Termination Arbitration

Company news

2011-08-04 06:28:37

Please find enclosed Company Update

The Board of Directors
Sea Production Ltd.
04 August 2011

For further information, please contact
Michael Staheyeff, Director, Tel: +65 6309 2888

SEAP - Financial Information First Quarter 2011

Company news

2011-05-31 09:34:56

Please find enclosed Financial Information First Quarter 2011- Sea Production Ltd

The Board of Directors
Sea Production Ltd
31st May 2011

For further information, please contact
Michael Staheyeff, Director, Tel: +65 6309 2887

SEAP - Minutes of Annual General Meeting

Company news

2011-03-07 11:18:28

Please find enclosed the Minutes of the 2009 and 2010 Annual General Meeting - Sea Production Ltd

The Board of Directors
Sea Production Ltd
07 March 2011

SEAP - Financial Information Fourth Quarter 2010

Company news

2011-03-01 09:44:21

Please find enclosed Financial Information Fourth Quarter 2010- Sea Production Ltd

The Board of Directors
Sea Production Ltd
1st March 2011

For further information, please contact
Michael Staheyeff, Director, Tel: +65 6309 2887

SEAP- Notice of Annual General Meeting

Company news

2011-02-10 12:20:59

Please find enclosed Notice of Annual General Meeting - Sea Production Ltd

The Board of Directors
Sea Production Ltd
10 February 2011

SEAP - Audited Consolidated Financial Statements 2009

Company news

2010-12-23 03:20:44

Please find enclosed audited Consolidated Financial Statements for the year ended 31 December 2009.

The Board of Directors
Sea Production Ltd.
23 December 2010

For further information, please contact
Michael Staheyeff, Director, Tel: +65 6309 2887

SEAP - Financial Information Third Quarter 2010

Company news

2010-12-10 04:40:17

Please find enclosed Financial Information Third Quarter 2010- Sea Production Ltd

The Board of Directors
Sea Production Ltd
10 December 2010

For further information, please contact
Michael Staheyeff, Director, Tel: +65 6309 2887

SEAP - Financial Information Second Quarter 2010

Company news

2010-12-02 10:26:59

Please find enclosed Financial Information Second Quarter 2010- Sea Production Ltd

The Board of Directors
Sea Production Ltd
2 December 2010

For further information, please contact
Michael Staheyeff, Director, Tel: +65 6309 2887

SEAP - Sea Production Ltd. - Information to shareholders

Company news

2010-07-12 11:15:13

Please view the attached press release, including information from Norsk Tillitsmann ASA.

SEAP - Financial Information First Quarter 2010

Company news

2010-06-08 09:17:00

Please find enclosed Financial Information First Quarter 2010- Sea Production Ltd

The Board of Directors
Sea Production Ltd
8 June 2010

For further information, please contact
Michael Staheyeff, Director, Tel: +65 6309 2887

SEAP - Financial Information Fourth Quarter 2009

Company news

2010-03-03 10:17:50

Please find enclosed Financial Information Fourth Quarter 2009- Sea Production Ltd

The Board of Directors
Sea Production Ltd
3 March 2010

For further information, please contact
Michael Staheyeff, Director, Tel: +65 6309 2887

SEAP - Financial Information Third Quarter 2009

Company news

2009-11-30 10:02:36

Please find enclosed Financial Information Third Quarter 2009- Sea Production Ltd

The Board of Directors
Sea Production Ltd
29 November 2009

For further information, please contact
Michael Staheyeff, Director, Tel: +65 6309 2887

SEAP - Financial Information Second Quarter 2009

Company news

2009-08-19 09:54:54

Please find enclosed Financial Information Second Quarter 2009- Sea Production Ltd

The Board of Directors
Sea Production Ltd
19 August 2009

For further information, please contact
Michael Staheyeff, Director, Tel: +65 6309 2887

SEAP - Legal Action commenced against AED Services Ltd.

Company news

2009-07-20 13:38:18

Please find enclosed Company Update- Sea Production Ltd

The Board of Directors
Sea Production Ltd.
20 July 2009

For further information, please contact
Michael Staheyeff, Director, Tel: +65 6309 2888

SEAP - Notice of Termination for Default Received on Front Puffin

Company news

2009-07-02 16:04:55

Please find enclosed Company update- Sea Production Ltd

The Board of Directors
Sea Production Ltd.
2 July 2009

For further information, please contact
Michael Staheyeff, Director, Tel: +65 6309 2888

SEAP - Notice of Material Breach

Company news

2009-06-08 16:11:31

Please find enclosed Company Update- Sea Production Ltd.

The Board of Directors
Sea Production Ltd.
8 June 2009

For further information, please contact
Michael Staheyeff, Director, Ph: +65 6309 2888

SEAP - Financial Information First Quarter 2009

Company news

2009-05-15 09:43:06

Please find enclosed Financial Information First Quarter 2009- Sea Production Ltd

The Board of Directors
Sea Production Ltd
15 May 2009

For further information, please contact
Michael Staheyeff, Director, Tel: +65 6309 2887

SEAP - Audited Consolidated Financial Statements 2008

Company news

2009-04-21 10:25:31

Please find enclosed audited Consolidated Financial Statements for the year ended 31 December 2008.

The Board of Directors
Sea Production Ltd.
21 April 2009

For further information, please contact
Michael Staheyeff, Director, Tel: +65 6309 2887

SEAP - Minutes of Annual General Meeting

Company news

2009-03-30 11:47:27

Please find enclosed the Minutes of the 2008 Annual General Meeting - Sea Production Ltd

The Board of Directors
Sea Production Ltd
30 March 2009

SEAP- Notice of Annual General Meeting

Company news

2009-03-13 11:52:31

Please find enclosed Notice of Annual General Meeting - Sea Production Ltd

The Board of Directors
Sea Production Ltd
13 March 2009

SEAP-Circular to Shareholders

Company news

2009-03-03 10:21:51

Please find enclosed Circular to Shareholders- Sea Production Ltd

The Board of Directors
Sea Production Ltd
3 March 2009

For further information, please contact
Michael Staheyeff, Director, Tel: +65 63092887

SEAP-New Management Arrangements

Company news

2009-03-03 10:20:07

Please find enclosed press release regarding New Management Agreements- Sea Production Ltd

The Board of Directors
Sea Production Ltd
3 March 2009

For further information, please contact
Michael Staheyeff, Director, Tel: +65 63092887

SEAP-Financial Information Fourth Quarter 2088

Company news

2009-03-02 12:39:57

Please find enclosed Financial Information Fourth Quarter 2008- Sea Production Ltd

The Board of Directors
Sea Production Ltd
2 March 2009

For further information , please contact
Per Bjørn Habbestad ,CEO;+ 47 90 03 55 38
Jens Petter Broby , CFO;+ 47 91 54 32 03

SEAP-Financial Information Third Quarter 2008

Company news

2008-11-14 09:00:23

Please find enclosed Financial Information Third Quarter 2008- Sea Production Ltd

The Board of Directors
Sea Production Ltd
14 November 2008

For further information , please contact

Per Bjørn Habbestad,CEO;+ 47 90 03 55 38
Jens Petter Broby , CFO;+ 47 91 54 32 03

SEAP - CHANGE OF CHIEF EXECUTIVE OFFICER

Company news

2008-10-01 08:58:04

The Board of Sea Production announces that Mr. Oscar Spieler has given notice of his resignation from his position as CEO and a Director of the Company in order to pursue other opportunities.

The Board has appointed Mr. Per Bjørn Habbestad (51), currently Deputy Chief Executive Officer, as the new CEO of the Company.

Mr. Habbestad has 25 years of experience from ABB/Vetco/Aibel - since 2001 acting as SVP for their international MMO-business.

Mr. Habbestad will assume the responsibilities of CEO as per 1 October 2008.

Mr. Spieler will remain available to the Company during his notice period and the Board would like to thank him for all his efforts for the Company.


The Board of Directors
Sea Production Ltd.


For further information, please contact:

Per Bjørn Habbestad, CEO (+47 90 03 55 38)
Or Jens Petter Broby, CFO (+47 91 54 32 03)

SEAP - East Puffin Pty. Ltd. declares option for Front Puffin

Company news

2008-09-17 12:47:34

The Board of Sea Production is pleased to announce that East Puffin Pty. Ltd. ("EPPL") has declared a 1 year option to extend the hire of Sea Production's Front Puffin FPSO from 16 June 2009 to 15 June 2010.

The Capex Day Rate for the 1 year option is US$165,000 per day plus a production tariff of US$1 per produced barrel.

The Puffin Field is operated by Sinopec which acquired a 60% share in the AC/P22 Exploration Permit (and the AC/L6 Production Licence), effective April 2008 - AED Oil Ltd. retains a 40% share. EPPL is currently drilling an appraisal/development well at the Puffin Field, to be followed immediately by a second appraisal/development well.


The Board of Directors
Sea Production Ltd




For further information, please contact
Jens Petter Broby, CFO mob;+ 47 91 54 32 03

SEAP - Financial Information Second Quarter 2008

Company news

2008-08-29 16:08:28

Please find enclosed Financial Information Second Quarter 2008- Sea Production Ltd

The Board of Directors
Sea Production Ltd
29 August 2008

For further information , please contact

Jens Petter Broby , CFO;+ 47 91 54 32 03

SEAP - Audited Consolidated Financial Statements 2007

Company news

2008-07-15 16:18:27

Please find enclosed audited Consolidated Financial Statements for the year ended 31 December 2007.

The Board of Directors
Sea Production Ltd
15 July 2008

For further information , please contact

Jens Petter Broby , CFO;+ 47 91 54 32 03

SEAP - Financial Information First Quarter 2008

Company news

2008-05-30 08:52:01

Please find enclosed Financial Information First Quarter 2008- Sea Production Ltd

The Board of Directors
Sea Production Ltd
30 May 2008

For further information , please contact

Jens Petter Broby , CFO;+ 47 91 54 32 03

SEAP: Rubicon Offshore International Holdings Ltd. acquired 17.5% of SEAP shares

Company news

2008-04-25 08:55:06

Reference is made to the press release dated 24 April 2008 issued by Pareto Securities AS. Rubicon Offshore International Holdings Ltd ("Rubicon") has acquired an additional 15,750,000 shares in Sea Production Ltd. ("Sea Production") at a price of NOK 11 per share.

Following this acquisition, Rubicon holds a total of 68,430,668 shares, equal to 76.03% of the share capital of Sea Production.

Pareto Securities AS was the manager for the transaction.

25 April 2008
Rubicon Offshore International Holdings Ltd


Important Information:
This document does not constitute an invitation or inducement to sell or an offer to purchase shares in Sea Production. It is not intended to form the basis of any investment decision, does not constitute and may not be relied upon as constituting any form of investment advice, and is not to be construed as an undertaking or assurance that any specific course of action will be followed. Prospective investors are advised to ensure that they obtain appropriate independent professional advice before making any investment. The information and any opinions contained in this document have been compiled in good faith, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. Save to the extent (if any) that exclusion of liability is prohibited by any applicable law or regulation, Sea Production, its officers, employees, representatives and agents expressly advise that they shall not be liable in any respect whatsoever for any loss or damage, whether direct, indirect, consequential or otherwise however arising (whether in negligence or otherwise) out of or in connection with the contents of or any omissions from this document. Statements contained in this document may constitute "forward-looking statements" which are generally identifiable by the use of the words "may", "will", "should", "plan", "expect", "anticipate", "estimate", "believe", "intend", "project", "goal" or "target" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements involve a number of known and unknown risks, uncertainties and other factors that could cause Sea Production’s actions to be materially different from any actions expressed or implied by such forward-looking statements. Sea Production cannot guarantee that such actions will be put into effect in whole or in part in the future, nor does Sea Production undertake publicly to update or revise any forward looking statement that may be made in this document, whether as a result of new information, future events or otherwise.

SEAP - Press Release

Company news

2008-04-24 15:06:28

Please see the press release attached.

SEAP - AED Announces Joint Venture with Sinopec

Company news

2008-03-07 10:14:51

Sea Production notes the announcement made earlier today by AED Oil Limited regarding its
intention to form a joint venture with Sinopec on a 40:60 basis respectively. More information
can be found at the Australian Securities Exchange website under the ticker symbol AED.
AED Oil Limited is the charterer of the Front Puffin.

SEAP - Financial Information Fourth Quarter 2007

Company news

2008-03-03 05:52:49

Please find enclosed Financial Information Fourth Quarter 2007- Sea Production Ltd

The Board of Directors
Sea Production Ltd
3 March 2008

For further information , please contact

Jens Petter Broby , CFO;+ 47 91 54 32 03

SEAP - Meeting of Directors

Company news

2008-02-05 14:56:45

At the meeting of directors of Sea Production Ltd. (the "Company") held today, Mr. James Michael Luke and Mr. Michael Peter Stayeheff were elected as new Directors of the Company.

Mr. Tim Davis and Mr. Brent de Jong have effective from today resigned as Directors, while Mr. Oscar Spieler and Mr. Graham Collis will continue as a Director of the Company.


The Board of Directors
Sea Production Ltd.
5 February 2008

For further information, please contact

Oscar Spieler, CEO, Ph: + 47 67 82 88 51

SEAP - 31st of October 2007 Financial result

Company news

2007-12-27 08:23:22

Please find enclosed financial information as of 31st of October 2007 - Sea Production Ltd

The Board of Directors
Sea Production Ltd
27 December 2007

For further information , please contact

Jens Petter Broby , CFO;+ 47 91 54 32 03

SEAP - Third Quarter 2007 Financial Result

Company news

2007-11-30 15:53:28

Please find enclosed financial information for third quarter 2007 - Sea Production Ltd.


For further information , please contact

Oscar Spieler , CEO mob;+ 47 91 33 57 75
Jens Petter Broby , CFO mob;+ 47 91 54 32 03

SEAP - New Majority Shareholder

Company news

2007-10-31 08:54:27

The Board of Sea Production notes the announcement by Rubicon Offshore International Holdings Limited ("Rubicon") regarding the acquisition by Rubicon of a 52.95% interest in Sea Production from certain funds managed by Ashmore Investment Management Limited.

Oscar Spieler, Chief Executive Officer of Sea Production, said today:

"We welcome Rubicon as our new majority shareholder. We know Rubicon well and believe that our two companies and their organizations are a good fit, complementary, and enjoy a considerable degree of alignment. We believe the coming together of these two companies will create significant potential for synergies. We look forward to working together with Rubicon to achieve these synergies."


The Board of Directors
Sea Production Ltd.
31 October 2007


Enquiries:

Oscar Spieler, CEO: +47 23 11 46 10




Important Information:
This document does not constitute an invitation or inducement to sell or an offer to purchase shares in Sea Production. It is not intended to form the basis of any investment decision, does not constitute and may not be relied upon as constituting any form of investment advice, and is not to be construed as an undertaking or assurance that any specific course of action will be followed. Prospective investors are advised to ensure that they obtain appropriate independent professional advice before making any investment.
The information and any opinions contained in this document have been compiled in good faith, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. Save to the extent (if any) that exclusion of liability is prohibited by any applicable law or regulation, Sea Production, its officers, employees, representatives and agents expressly advise that they shall not be liable in any respect whatsoever for any loss or damage, whether direct, indirect, consequential or otherwise however arising (whether in negligence or otherwise) out of or in connection with the contents of or any omissions from this document.
Statements contained in this document may constitute "forward-looking statements" which are generally identifiable by the use of the words "may", "will", "should", "plan", "expect", "anticipate", "estimate", "believe", "intend", "project", "goal" or "target" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements involve a number of known and unknown risks, uncertainties and other factors that could cause Sea Production's actions to be materially different from any actions expressed or implied by such forward-looking statements. Sea Production cannot guarantee that such actions will be put into effect in whole or in part in the future, nor does Sea Production undertake publicly to update or revise any forward looking statement that may be made in this document, whether as a result of new information, future events or otherwise.

SEAP - Meeting of Directors

Company news

2007-10-31 08:50:27

At the meeting of directors of Sea Production Ltd. (the "Company") held today, Mr. Brent de Jong was elected as a new Director of the Company.

Mr Seumas Dawes and Mr Justin Reis have effective from today resigned as Directors, while Mr Oscar Spieler, Mr Graham Collis and Mr Tim Davis will continue as Directors of the Company.


The Board of Directors
Sea Production Ltd.
31 October 2007

For further information, please contact

Oscar Spieler, CEO : +47 23 11 46 10

SEAP: Rubicon Press Release

Company news

2007-10-31 08:34:57

SEAP - Commencement of Oil Production at the Puffin field

Company news

2007-10-15 09:02:30

Sea Production is pleased to announce that the FPSO Front Puffin has commenced production in the Puffin field located in the Timor Sea off the coast of North-West Australia. First oil was achieved on October 6th and by October 12th the Front Puffin was technically and contractually accepted by the oil company following final acceptance tests. During the test period the vessel produced 27,000 barrels per day from two wells.

Sea Production has been responsible for the engineering, procurement, construction, installation and commissioning of Front Puffin, and this is the first conversion project that the company has undertaken. The vessel was converted at Keppel Shipyard in Singapore.

FPSO Front Puffin has a storage capacity of 650,000 barrels and is capable of processing up to 30,000 barrels of oil and 20,000 barrels of water per day. The gas lift capacity is 6 MMscfd, and the vessel is fitted with an APL/FRAMO turret.

FPSO Front Puffin has been on hire from June 5th 2007 and the focus is now on maintaining safe and stable production.


Bermuda, 15 October 2007
Board of Directors
Sea Production Ltd

SEAP - Company Update

Company news

2007-08-31 08:37:56

"Reference is made to the press-release concerning changes to the composition of the Board of Sea Production announced on 13 August 2007, following a Special General Meeting.

The new Board will continue operations under the current business plan and will explore business opportunities for the Company that present themselves going forward.

Following the acquisition by funds managed by Ashmore Investment Management Limited of approximately 53 % of the shares of the Company as announced on 11 July 2007, the Board believes there is a need to evaluate the Company's listing strategy. The Company accordingly has agreed to suspend forthwith the listing process on the Oslo Børs and re-evaluate the Company's options in light of the new situation.

Front Puffin FPSO has now left the conversion yard in Singapore and is aiming at starting production from the Puffin field in September

The Board will continue to keep the market updated in the required manner through the NOTC information system."

Board of Directors , 31 August 2007

SEAP - Second Quarter 2007 Financial result

Company news

2007-08-31 08:35:02

Please find enclosed financial information for second quarter 2007 - Sea Production Ltd.


For further information , please contact

Oscar Spieler , CEO mob;+ 47 91 33 57 75
Jens Petter Broby , CFO mob;+ 47 91 54 32 03

SEAP - Special General Meeting of Shareholders

Company news

2007-08-13 17:57:19

At the Special General Meeting of Shareholders of Sea Production Ltd. held today , Mr Justin Reis , Mr Tim Davis, Mr Seumas Dawes and Mr Graham B.R Collis were elected as new Directors of the Company .

Mrs. Kate Blankenship and Mr. Jens Martin Jensen have effective from today resigned as Directors, while Mr Oscar Spieler will continue as a Director of the Company.

August 13, 2007
The Board of Directors
Sea Production Ltd.

For further information, please contact

Oscar Spieler, CEO mob;+ 47 91 33 57 75

SEAP - Letter to Shareholders

Company news

2007-07-26 14:47:16

See attached letter from the Board.

July 26, 2007
The Board of Directors
Sea Production Ltd.
Hamilton, Bermuda

SEAP - Notice of Special General Meeting

Company news

2007-07-26 14:31:23

Sea Production Ltd. announces that a Special General Meeting of Shareholders will be held on August 13, 2007. A copy of the Notice of Special General Meeting and associated information can be found on our website at www.seaproduction.bm


July 26, 2007
The Board of Directors
Sea Production Ltd.
Hamilton, Bermuda

SEAP - Disclosure of interest Sea Production Ltd.

Company news

2007-07-13 14:01:43

See attached document.

SEAP- The Board awaits disclosure of intentions from new major shareholder

Company news

2007-07-11 10:24:45

The Board of Sea Production Ltd (the "Company") has noted that certain funds controlled by Ashmore Investment Management Limited ("Ashmore") have become the major shareholder in Sea Production Ltd. The Board looks forward to discussing with Ashmore in the coming days the intentions behind their investment and their plans to secure all shareholders fair treatment. The Board has in this respect encouraged Ashmore to make an offer for 100% of the shares of the Company. The executive chairman of the Company, Oscar Spieler, says in a comment: "We are of the opinion that there are consolidation opportunities within this industry and we look forward to working together with our new major shareholder to explore and capture the opportunities ahead for the benefit of all shareholders".


Oslo, 11 July 2007

For further information, please contact:

Oscar Spieler, Executive Chairman of Sea Production Limited, phone: +47 23114610

SEAP: Press release

Company news

2007-07-03 10:01:34

Sea Production Ltd.: Acquirer holds 52.4%

Reference is made to the previous press-releases sent out today. Pareto has, on behalf of the acquirer, received orders for a total of 47,191,850 constituting 52.4% of the share capital in Sea Production Ltd. Consequently, the acceptance threshold has been met and the acquirer will as a result not currently purchase additional shares in the market.

SEAP: Press release

Company news

2007-07-02 12:12:18

Acquirer waiving minimum acceptance level – holds approx. 39% of Sea Production Ltd.

Pareto, on behalf of the acquirer, has purchased a total of 34,867,900 shares constituting approximately 39% of the outstanding share capital of Sea Production. The acquirer has therefore waived the minimum acceptance level stated in the press-release earlier today. Pareto will, on behalf of the acquirer, purchase further shares in the market at the same terms up to 51% on a first come first serve basis.

SEAP: Press release

Company news

2007-07-02 09:58:11

Pareto Securities ASA has received a conditional order to approach shareholders in Sea Production Ltd. (“Sea Production”), with the objective of acquiring up to 51% of the outstanding shares in Sea Production to a price of NOK 24.25 per share payable in cash. The shareholders first selling their shares will have priority (first come-first serve).
The offer is conditional on Pareto Securities acquiring more than 50% of the shares in Sea Production and that the acquirer receives the appropriate approvals by the Bermudan Monetary Authorities ("BMA") if applicable; however, the acquirer will retain the right to waive these conditions at their own discretion. The offer will close by 16:00 CET on Friday 6 July 2007, however, the offer period may be extended or closed earlier at the acquirer’s discretion.
Sea Production shareholders who want to support this initiative need to submit their sell-order to Pareto Securities, by telephone +47 22 87 87 50 or fax +47 22 87 87 10.
Oslo, 2 July 2007
Pareto Securities ASA

SEAP - FRONTLINE LTD., SALE OF SHARES

Company news

2007-06-07 09:58:47

The board of Sea Production Ltd. (SEAP or the Company) has today been informed that Frontline Ltd. (FRO) on June 6, 2007 has sold its entire holding of 25,500,000 shares in Sea Production Ltd.. The sale of the shares is part of FRO's previous announced strategy to either sell or spin off the Sea Production shares to Frontline shareholders.

The board and management of SEAP are pleased that there has been a resolution with regard to FRO's previously announced strategy of selling or spinning off SEAP shares. The board and management of SEAP look forward to growing the Company more actively as an independent company.

The Company has a strong cash flow in place and is well positioned for taking on further projects and will continue developing its consolidation strategy.

Sea Production and Frontline will continue a strategic partnership with respect to conversion of crude oil tankers into floating production units.


June 7, 2007
The board of Directors
Sea Production Ltd.




For further information , please contact

Oscar Spieler , CEO mob;+ 47 91 33 57 75
Jens Petter Broby , CFO mob;+ 47 91 54 32 03

SEAP - First Quarter 2007 Financial result

Company news

2007-05-31 20:38:55

Please find enclosed financial information for first quarter 2007 - Sea Production Ltd.


For further information , please contact

Oscar Spieler , CEO mob;+ 47 91 33 57 75
Jens Petter Broby , CFO mob;+ 47 91 54 32 03

SEAP - FPSO Front Puffin on hire from June 5th 2007

Company news

2007-05-29 23:08:41

Sea Production Ltd. "SEAP" is very pleased to announce that the FPSO Front Puffin will be on hire from June 5th 2007.

As agreed between the charterer, AED Oil Limited "AED" (www.aedoil.com) and SEAP,
SEAP will commence receiving the bareboat hire rate of approximately USD 160,000 per day from June 5th, . All operating costs incurred after June 5th will be passed through to the charterer.

AED has reported that the Puffin 8 production well has been completed and flow tested at a maximum flow rate of 11660 bpd. The original contract between SEAP and AED included production initially from one well only, the Puffin 7. Based on the results from Puffin 8, AED has decided to modify the sub sea installation and the FPSO to be able to produce from two wells from initial start of production "first oil". Production from both the Puffin 7 and Puffin 8 wells will give additional security for production and significantly reduce project risk.

The conversion of the Front Puffin is ahead of schedule and on budget compared with the information given in the private placement material. SEAP has demonstrated to AED that the vessel would have been ready to start production at the field in the beginning of June and AED has agreed that June 5th will be the deemed delivery date, more than one month ahead of the date previously indicated by SEAP in its private placement material.

However due to the fact that AED has decided to produce from two wells, SEAP has been instructed by AED, and agreed, to delay the FPSO's departure from Singapore to correspond with AED's revised installation program. The Front Puffin will stay in Singapore until the end of June.

With the successful completion of the Front Puffin project, SEAP is in the process of strengthening its organization with the addition of key senior personnel and by building marketing presence in its key target markets. Per Bjørn Habbestad has been employed as COO for Sea Production Management AS. Mr. Habbestad was SVP of Aibel, responsible for Aibel's international business, including the facilities management business which operates FPSOs. Petter Høie will relocate to Singapore and be responsible for business development and commercial management for SE Asia. This will be a key strategic market for SEAP.

SEAP is actively developing new projects and actively developing opportunities for consolidation in the industry. SEAP view the outlook for the FSO and FPSO markets as strong and SEAP should be well positioned for growth in such markets going forward.

For further information , please contact

Oscar Spieler , CEO mob;+ 47 91 33 57 75
Jens Petter Broby , CFO mob;+ 47 91 54 32 03

Endring av aksje: Sea Production Ltd (SEAP)

Corporate actions

2007-02-16 09:01:07

Det er foretatt endringer i Sea Production Ltd (ISIN:BMG8005C1047, ticker SEAP). Aksjebeholdningen er redusert fra 90 012 000 til 90 000 000. Emisjonsverdien er redusert fra 1 130 550 720 til 1 130 400 000.

SEAP: Sea Production Ltd er registrert på OTC - listen

Company news

2007-02-15 16:41:21

Sea Production Ltd er registrert på OTC - listen f.o.m. 16. februar 2007. Ticker: SEAP. ISIN: BMG 8005C1047. Antall aksjer utstedt av selskapet er 90 012 000. Emisjonsverdien på selskapet er NOK 1 130 550 720 basert på siste emisjonskurs i februar 2007 på kurs USD 2 som er omregnet fra USD 1 = NOK 6,28. Pålydende per aksje er USD 1. Selskapet har inngått avtale om bruk av meldingssystemet og vil kunne benytte dette fra og med 16. februar 2007.
Sea Production Ltd. has agreed with Frontline to acquire its floating production activities including the FPSO “Front Puffin” currently under conversion at Keppel Shipyard in Singapore, and its floating production management organisation. Sea Production has also acquired the management company and the FPSO project portfolio. Sea Production has also acquired two further Aframax vessels from Seatankers. In addition, Sea Production has agreed to purchase the FPSO vessel “Crystal Ocean” from Seadrill Limited. Frontline and Keppel has invested approx. $60 million in the company and will thereby end up as a 33% shareholder. Sea Production endeavors to become a leading FPSO contractor by utilizing its fleet of suitable vessels through its existing experienced management organization through partnerships with strategic subcontractors.