Reference is made to previous announcements by Sevan Marine ASA (“Sevan Marine” or the “Company”) in respect of its ongoing offering of new shares in the Company (the “Offering”).

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES. NO SECURITIES ARE BEING OFFERED PURSUANT TO THIS RELEASE. AN OFFERING OF SHARES IN THE COMPANY IS ONLY MADE PURSUANT TO THE TERMS OF THE PROSPECTUS.

The subscription period for the Offering will expire tomorrow, December 16, 2011, at 17.30 p.m. CET. Correctly completed subscription forms must be received by one of the subscription offices, or, in the case of online subscriptions, online subscriptions must be registered, by no later than 17.30 CET on December 16, 2011.

The eligible shareholders who do not use their allocation rights granted in connection with the Offering will experience a significant dilution. The allocation rights would normally have an economic value if the shares trade above the subscription price in the Offering during the subscription period. Upon expiry of the subscription period, the allocation rights will expire and have no value.

The managers for the Offering are: ABG Sundal Collier (+47 22 01 60 00, www.abgsc.no), DNB   Markets   (+47 22 94 88 80, www.dnb.no/emisjoner), Pareto Securities (+47 22 87 87 00, www.paretosec.no), and SEB Enskilda (+47 21 00 85 00, www.sebenskilda.no).

Sevan Marine ASA

Contacts:

Marit Ytreeide, Press Contact (Media)

+47 901 28 308 mobile

Carl Lieungh, CEO, Sevan Marine ASA (Media)

+47 374 04 000 office

Reese McNeel, CFO, Sevan Marine ASA (Analysts)

+47 374 04 000 office

Company web-page: www.sevanmarine.com

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Important Information:

These materials are not for distribution, directly or indirectly, in or into the United States. These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The Securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”).

The Securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of securities in the United States.

The issue or exercise or sale of Allocation Rights and the subscription or purchase of Offer Shares is subject to specific legal or regulatory restrictions in certain jurisdictions. Sevan Marine assumes no responsibility in the event there is a violation by any person of such restrictions.

This announcement is an advertisement. It is not a prospectus, disclosure document or offering document and does not purport to be complete. Nothing in this announcement should be interpreted as a term or condition of the Offering. Investors should not subscribe for Offer Shares except on the basis of information in the Prospectus which will contain further information relating to the Company as well as a summary of the risk factors to which any investment is subject. This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire any securities offered by any person in any jurisdiction in which such an offer or solicitation is unlawful.

This announcement has not been approved by any regulatory authority.