FPSO'S

[MikeDDKing]

I can add a bit more to the day rates for Sevan.

                  Contract 
 Vessel              Date          Customer            Day Rate 
 Sevan Piranema    02/07/05 Petrobras S.A.               $99.4K 
 Sevan Hummingbird 06/02/05 Venture Production Ltd.      $70.1K 
 Sevan Voyageur    04/30/07 Oilexco North Sea Ltd.      $202.7K 
 Sevan Driller     10/25/06 Petrobras America Inc.      $401.8K 
 Sevan 300 No. 4   12/22/06 Venture Production Ltd.     $200.0K 

Note that all of the vessels other than the driller are based upon the same platform.

If I add up the numbers above and add 2 X $205K for the remaining two vessels that aren't contracted, then multiply by 365, I get annual revenue of $505.2M in 2010 when all 7 vessels are deployed. It is possible that the Hummingbird and Voyageur could have different day rates by that time because they may be on exercised options or on different contracts by that time. Of course the day rates for the vessels that haven't been contracted is just a swag. Also note that the last vessel is based upon the 650 platform as opposed to the 300 platform so it will probably have a higher day rate but I'm not sure how much higher.

Mike