ExxonMobil has signed a long-term framework agreement to use Sevan Marine's cylindrical hull technology for floater projects. 

In 2015, Sevan Marine received a feasibility study contract from ExxonMobil to explore the use of its cylindrical hull for a FLNG development.

A follow-up study that focuses on the hull and marine aspects of Sevan Marine’s cylindrical design is currently underway.

Sevan Marine CEO Reese McNeel said: “We are delighted to have secured this long-term frame agreement with ExxonMobil.

“It is a further milestone in the development of Sevan Marine, its cylindrical hull design and its engineering capabilities. We look forward to continuing to support ExxonMobil in the years to come."

"A follow-up study that focuses on the hull and marine aspects of Sevan Marine’s cylindrical design is currently underway."

McNeel also said: “Sevan Marine 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 market place, increased willingness of large oil companies to consider different technologies and Sevan Marine’s own business development efforts.”

The total value of the framework agreement is subject to the calling off of individual orders.

Sevan Marine expects the first order under this agreement, involving the continuation of engineering and FLNG design work, to be called off soon.

A Norwegian company, Sevan Marine uses cylindrical floater technology to design, engineer and execute floating units used in offshore projects.