The Board of Directors of Sevan Marine ASA has convened an Extraordinary General Meeting in Sevan Marine ASA on Wednesday June 22, 2011, at 5.00 p.m. (CEST) at the Company's offices at Kittelsbuktveien 5, Arendal, Norway.

Agenda for the Extraordinary General Meeting:

1. Opening of the General Meeting by the Chairman of the Board of Directors. Registration of attending shareholders
   
   
2. Election of the chairman of the meeting. The Board of Directors proposes that the meeting is chaired by the Chairman of the Board of Directors
   
   
3. Election of one person to sign the minutes together with the chairman of the meeting.
   
   
4. Approval of the notice for meeting and the agenda
   
   
5. Changes to the composition of the Board of Directors
   
   
6. Changes to the composition of the Nomination Committee

The Extraordinary General Meeting is convened upon demand from a shareholder in accordance with section 5-7(2) of the Norwegian Public Limited Companies Act.

The Notice of the General Meeting will be sent to all shareholders with known address.

Attached as appendices to this announcement are (in Norwegian and translation into English):

 Notice of the Extraordinary General Meeting

 Attendance form/power of attorney

 The Board of Director's reasoning and proposal for the resolutions to be passed

 Information to the shareholders regarding the Extraordinary General Meeting

Norwegian documents:

 Innkalling til ekstraordinær generalforsamling

 Møteseddel/fullmaktsdokument

 Styrets forslag til vedtak

 Informasjon til aksjonærene

This notice, information to the shareholders regarding the General Meeting and the documents in respect of the matters to be considered at the General Meeting are available at the web site of Sevan Marine ASA; www.sevanmarine.com. The documents in respect of the matters to be considered at the General Meeting may also be obtained, free of charge, by contacting the Company’s Investor Relations Coordinator; Christine Gran Morland (tel: +47 37 40 40 00, e-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it ).

As of today, the Company has issued 526,069,982 shares. All shares carry one vote at the General Meeting. The Articles of Association do not include any voting restrictions.

Shareholders who wish to attend the General Meeting are requested to notify the Company within June 20, 2011, at 5.00 p.m. (CEST) by submitting the enclosed attendance form to Nordea Bank Norge ASA. Power of attorney may be given to the Chairman of the Board of Directors; Arne Smedal.

Shareholders may present proposals for resolutions in respect of the matters to be discussed at the General Meeting. Such proposals may be sent to the Company by e-mail to This e-mail address is being protected from spambots. You need JavaScript enabled to view it or by mail to Sevan Marine ASA, Kittelsbuktveien 5, 4836 Arendal. Proposals should be marked “Proposals for resolutions – Extraordinary General Meeting Sevan Marine ASA June 22, 2011”.

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, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN.

For further information, please contact:

Carl Lieungh, CEO, Sevan Marine ASA (Media)

+47 37404000 office

+47 91664720 mobile

Birte Norheim, VP Finance, Sevan Marine ASA (Analysts)

+47 37404201 office