Reference is made to Sevan Marine ASA’s (“Sevan Marine” or the “Company”)  third quarter 2011 interim financial report published on November 09, 2011 (the “Third Quarter Report”). The Company has identified an error in the allocation of costs between continued and discontinued operations in the Third Quarter Report.

This error relates to the allocation of financial income/(expense) as well as Foreign exchange gain/(loss) relating to financing between continued and discontinued operations in the 2010 and 2011 figures. The error led to a USD 1.8m overstatement of net profit from continued operations in the income statement for the nine months ended September 30, 2011 and a USD 14.9m understatement of net profit in the income statement for the nine months ended September 30, 2010. The error had no impact on Operating profit/(loss) from continued operations. The error also had no impact on the balance sheet as presented in the Third Quarter Report.

Please refer to the attachment for a summary of the adjusted figures and variances versus the Third Quarter Report.

 Q3 2011 Adjusted Figures

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 design, engineering and project execution of floating units for offshore applications, with a main focus on Floating, Production, Storage and Offloading units (FPSOs). Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:

Marit Ytreeide, Press Contact (Media)

+47 901 28 308 mobile

Carl Lieungh, CEO, Sevan Marine ASA (Media)

+47 374 04 000 office

Reese McNeel, CFO, Sevan Marine ASA (Analysts)