First oil on FPSO Sevan Hummingbird

The FPSO Sevan Hummingbird has commenced oil production on Venture's Chestnut field, in the central UK North Sea. The Sevan Hummingbird is based on Sevan's unique and patented technology and is the first cylindrical FPSO to be installed in the North Sea. Sevan's FPSOs are designed to provide higher uptime, better motions and lower operating costs than conventional units. The Sevan Hummingbird will be working under a 2.5 + 2 year charter contract with Venture Production Plc. The geo-stationary FPSO has an oil storage capacity of 300,000 barrels and is equipped with an oil processing capacity of 30,000 barrels per day and a water injection capacity of 20,000 barrels per day. This is a major milestone for Sevan and marks the start of our North Sea operations. We are proud to introduce a new and improved floating production technology to these harsh environments, says Jan Erik Tveteraas, CEO of Sevan Marine ASA. In addition to the FPSO Sevan Hummingbird, Sevan has signed contracts for the charter of three other production units. The Company's first FPSO, the Sevan Piranema, has been producing since October 2007, off the coast of Brasil for Petrobras, with a production uptime of more than 99% in the last six months. Sevan Marine ASA is listed on Oslo Børs (ticker SEVAN) and is specializing in building, owning and operating floating units for offshore applications. The Company has developed a cylinder shaped floater, suitable in all offshore environments. Presently Sevan Marine has four floating production, storage and offloading units (FPSOs) and three drilling units contracted to clients. The Company is also developing other application types for its cylindrical Sevan hull, including floating LNG production and power plants with CO2 capture. For more information, please refer to www.sevanmarine.com. Jan Erik Tveteraas, CEO, Sevan Marine ASA (Media) +47 37404000 office +47 95214925 mobile Birte Norheim, VP Finance, Sevan Marine ASA (Analysts) +47 37404201 office +47 95293321 mobile