Restructuring of the FPSO Sevan Voyageur Bank Facility

Sevan Marine ASA ("Sevan") has reached a mutual agreement with GIEK/Eksportfinans, GE and Deutsche Bank AG, London Branch ("Deutsche Bank") which provides Sevan with the required flexibility to find a new contract for FPSO Sevan Voyageur, after the expiry of the existing charter contract. Under the agreement, Sevan has provided permission to the restructuring of USD 45 million of the Senior Secured term loan, subject to conditions precedent, creating a Secured Bond yielding 11% per annum that is expected to close prior to May 2010. During the initial 24 months, the Senior Secured term loan and the new Secured Bond will be repaid pro rata by the total amount of USD 3.15 million annually. FPSO Sevan Voyageur has been operating for Premier Oil & Gas UK Ltd on the Shelley field in the central UK North Sea since August 2009. Decommissioning of the field is scheduled for third quarter of 2010 and the unit is currently marketed to potential clients. The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations. 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 FPSO contracts, including the Goliat Sevan 1000 FPSO and three drilling contracts with 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 http://www.sevanmarine.com//.