Luxor has exercised its right to subscribe for the Option Tranche. The terms and conditions of the Option Tranche are identical to those of the previous bonds (Tranche 1 and Tranche 2) subscribed for by Luxor in April and May 2009, and are regulated by the loan agreement published by the Company on April 22, 2009, (15.0 per cent Sevan Marine ASA Senior Secured Callable Convertible Bond Issue 2009/2013), a copy of which is available on www.sevanmarine.com. The interest may, as Sevan's option, be paid in cash or by issuance of additional bonds on terms equal to the Option Tranche. The bondholders may exercise a put option in April 2011 for a repayment at par plus accrued interest. The loan is convertible at a rate of the NOK equivalent of USD 1.0454 per share, and change of control and other customary provisions as well as certain security rights apply.

Following the exercise of its right under the Option Tranche, Luxor holds convertible bonds with an aggregate nominal value of USD 48 million.

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 listed on Oslo Børs (ticker SEVAN) and is specializing in building, owning and operating floating units for offshore applications. The Company has developed a cylinder shaped floater, suitable in all offshore environments. Presently, Sevan Marine has four FPSO contracts, including the Goliat Sevan 1000 FPSO, and three drilling contracts with clients. The Company is also developing other application types for its cylindrical Sevan hull, including floating LNG production and power plants with CO2 capture. For more information, please refer to http://www.sevanmarine.com/.

For information, please contact:

Jan Erik Tveteraas, CEO, Sevan Marine ASA (Media)
+47 37404000 office
+47 95214925 mobile

Birte Norheim, VP Finance, Sevan Marine ASA (Analysts)
+47 37404201 office
+47 95293321 mobile