Following the IPO of Sevan Drilling ASA, Sevan Marine ASA (the “Company”) is required to publish an Information Memorandum (the ”IM”). Due to recent developments as previously announced, the finalization of the IM, including the financial information required to be included in the IM, has been delayed. Pending the completion of the IM and the review of the related financial information, and to safeguard consistency, the publishing of the Company’s Q1 2011 financial statements in the ordinary course will be postponed accordingly. Consequently, the previously announced presentation at 2:00 p.m. today (May 31, 2011) is cancelled.

In cooperation with its advisors, the Company continues to explore financing alternatives. This will require some more time. As part hereof, a constructive dialog has been commenced with lenders and certain parties under key contracts.

Under the current circumstances, the Company has appointed Ernst & Young to assist in and quality assure the liquidity management.

On May 30, 2011, the Company received a request from Umoe Shipping and Energy AS, who owns more than 5% of the shares in the Company, to convene an extraordinary general meeting (EGM) to elect a new Board of Directors and a new Nomination Committee. The Board will accommodate the request, and convene the EGM to be held on June 22, 2011.

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

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.

For more information, please refer to www.sevanmarine.com.

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