The Ordinary General Meeting of Sevan Marine ASA has been scheduled for 25 May 2012.

The agenda for the Ordinary General Meeting includes, amongst other things, the election of the Board of Directors. Attached as an appendix to this announcement is the proposal from the Nomination Committee to the shareholders in this respect, in Norwegian and translation into English.

Valgkomiteens innstilling

Proposal from the Nomination Commitee

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 37 40 40 00 office

Kjetil Vangsnes, CFO, Sevan Marine ASA (Analysts)
+47 37 40 40 00 office