The updated financial calendar for 2012 for Sevan Marine ASA is as follows:

As described in the Prospectus dated December 7, 2011, the standstill arrangements with ING Bank N.V and E.ON regarding the Voyageur project expired yesterday, January 31, 2012.

Reference is made to previous announcements by Sevan Marine ASA (“Sevan Marine” or the “Company”). The shares currently traded on Oslo Børs under the trading symbol “SEVAN N”  (ISIN NO 001 0630502) were previously announced to be assumed under the ordinary ISIN for Sevan Marine shares, ISIN NO 001 0187032, on January 13, 2012.

The financial calendar 2012 for Sevan Marine ASA is as follows:

Reference is made to previous announcements by Sevan Marine ASA (“Sevan Marine” or the “Company”) in respect of issuance of new shares in the Company through the Company’s offering completed on December 23, 2011.

Reference is made to previous announcements by Sevan Marine ASA (“Sevan Marine” or the “Company”) in respect of the completed offering of new shares in the Company (the “Offering”). The share capital increase pertaining to the new shares issued through the Offering was today registered with the Norwegian Registry of Business Enterprises (Nw. Foretaksregisteret). After the registration, the registered share capital of Sevan Marine is NOK 210,427,996 comprising of 52,606,999 shares each with a par value of NOK 4.00.

On the basis of the mandatory offer of Teekay Service Holdings Cooperatif U.A. (“Teekay”) for shares in Sevan Marine ASA (“Sevan Marine” or the “Company”) being made in concert with the Board of Directors of Sevan Marine pursuant to an agreement on the restructuring of the Company, Oslo Børs, in its capacity as take-over supervisory authority, has decided that the statement on the mandatory offer pursuant to the Norwegian Securities Trading Act section 6-16 shall be made by an independent competent expert engaged by the Company. On this basis the Company engaged BDO AS to issue the statement on the mandatory offer.

The board of directors of Sevan Marine ASA (the “Company”) has decided not to appeal the decision announced on December 14, 2011 by the board of directors of the Oslo Stock Exchange (the “OSE”) to impose a fine on the Company. While the Company used its best efforts to address and resolve complex issues in challenging times, and believes the OSE’s retrospect assessment and the sanction is particularly strict, the new board and management wish to move forward and focus on future business opportunities.