Sevan Marine has entered a long-term framework agreement with ExxonMobil Corp. (NYSE: XOM) for the use of Sevan Marine’s cylindrical hull technology and services.
The value of the framework agreement is subject to the calling off of individual orders, Sevan Marine said in a news release. The company said it expects the first order under this agreement, involving the continuation of engineering and FLNG design work, to be called off later in February.
The two companies have worked together since 2015. Projects have included a feasibility study exploring the use of Sevan Marine’s cylindrical hull for a FLNG development. A follow-up study centered on the hull and marine aspects of Sevan Marine’s unique cylindrical design is currently underway, the company said.
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