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.

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, Interim CFO, Sevan Marine ASA (Analysts)
+47 374 04 000 office