Sevan Marine ASA has retained First Securities AS and Pareto Securities AS to advice on and effect a contemplated bond issue directed towards professional Norwegian and international investors.  

NOT FOR DISTRIBUTION IN THE UNITED STATES

The bond issue is intended to be USD 200 million and will mature in August 2015. The net proceeds from the issue will be employed (i) to refinance the existing USD 135 million ‘SEVAN03’ debt in full, (ii) to acquire the 20% stake in the FPSO Sevan Hummingbird from Centrica Energy Upstream so as to become the 100% owner of the FPSO, and (iii) for general corporate purposes. The subscription period will start on July 12, 2010.

FPSO Sevan Hummingbird has been operating for Centrica Energy Upstream since September 2008 under a fixed 2.5 year contract with extension options for up to 7 years. The unit has delivered excellent performance since the commencement of operations, with a Unit Uptime over the last twelve months of 97.4% and Revenue Utilization of 104.9% due to bonus achieved for oil production.

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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 specializing in owning, operating and licensing FPSOs and drilling units, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to http://www.sevanmarine.com//.

For further information, please contact:

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