Operating income for the quarter amounted to USD 58.2 million (USD 49.7 million). EBITDA was USD 22.0 million (USD 7.0 million). Operating loss was USD 0.2 million (loss of USD 15.8 million), and net profit was USD 0.5 million (net loss of USD 22.2 million).

Operating income was USD 8.5 million higher than previous quarter mainly as a result of an increase in revenue from the Goliat project and commencement of operation for Sevan Driller at the end of the quarter.
 
Operating expense was USD 3.0 million lower than previous quarter mainly due to reduced  operating expense on FPSO Sevan Voyageur and FPSO Sevan Piranema. These effects were partly offset by an increase in operating expense on Sevan Driller following commencement of operation.

A net foreign exchange gain relating to financing of USD 25.2 million (gain of USD 8.8 million) was mainly a result of unrealized agio on the NOK-nominated bond loans following a strengthening in USD compared to NOK during the quarter.

Financial expense through profit and loss increased by USD 3.4 million to USD 24.5 million (USD 21.1 million) mainly due to  changes in amortization schedules for financing fees following refinancing of debt during the quarter.
 
As of June 30, 2010, total assets amounted to USD 2,395.5 million (USD 2,350.2 million), of which USD 2,029.8 million (USD 1,977.8 million) was capitalized as ‘Sevan Capital Assets’. Cash and cash equivalents amounted to USD 61.7 million (USD 72.0 million).

As of June 30, 2010, the Group had an undrawn long term vendor credit facility relating to Sevan Driller II of approximately USD 80 million. In addition, the Group has secured commitments for a USD 525 million bank facility for  Sevan Driller II and for a USD 230 million bank facility to refinance FPSO Sevan Voyageur.  In order to refinance FPSO Sevan Hummingbird,  a USD 200 million bond was issued in August and is therefore not reflected on the balance sheet as of June 30, 2010.

Jan Erik Tveteraas (CEO), Birte Norheim (Vice President Finance) and Oskar Mykland (CFO) will at 2:00 p.m. today give a presentation of the results at Clarion Hotel, Ny Olavskleiv 8, Stavanger. Please note the change of location due to the ONS conference in Stavanger. The presentation will be in English.

 Q2 Report 2010  

 Conference Call Confirmation Q2 2010

The presentation will also be broadcasted LIVE at http://www.sevanmarine.com/.  It is advised that you log on to the webcast 5 minutes in advance.
If you wish to call-in to listen to the presentation, please find the call-in details attached.

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