Please find attached the presentation materials for the presentation of the third quarter results to be given today.

The Company was pleased to announce on September 30, 2011 an agreement (the “Agreement”) for financial restructuring and industrial partnership with Teekay Corporation (“Teekay”). This agreement involves the sale of FPSO Sevan Voyageur, FPSO Sevan Piranema and FPSO Sevan Hummingbird (together the “FPSOs”) to Teekay, the raising of new equity in Sevan Marine and a restructuring of the Company’s indebtedness (together the “Teekay Transaction(s)”). The details of the Agreement were disclosed in the stock exchange notice dated October 18, 2011 (the “Notice”), which is available on the Company’s website (www.sevanmarine.com).

This is not an interim balance sheet of the consolidated Sevan Marine Group. The Q3 financial report for Sevan Marine Group will be release on November 9, 2011 as previously announced.

Reference is made to the notice for an Extraordinary General Meeting to be held on Monday November 14, 2011, at 17.00 p.m. (CET) at Thon Hotel Vika Atrium, Munkedamsveien 45, Oslo.

VP Finance, Birte Norheim, has decided to resign her position in Sevan Marine ASA to take on the role as Finance Director of Njord Gas Infrastructure AS in Stavanger. Effective from November 1, 2011, Reese McNeel (Interim CFO) will assume the role as IR-contact for Sevan Marine ASA.

Sevan Marine ASA informs that the results for the third quarter of 2011 will be published on November 9, 2011, at 8:00 a.m. (CET).

With reference to notice for an Extraordinary General Meeting dated October 24, 2011, the Bondholders in the bonds listed below have been summoned to a Bondholder's Meeting on November 10, 2011. Please refer to the attached Summons Letter and www.stamdata.no for further information.

The Board of Directors of Sevan Marine ASA has convened an Extraordinary General Meeting in Sevan Marine ASA on Monday November 14, 2011, at 17.00 p.m. (CET) at Thon Hotel Vika Atrium, Munkedamsveien 45, Oslo.

Arendal, Norway, October 18, 2011 – Sevan Marine ASA (“Sevan Marine” or the “Company”) is pleased to announce that it has entered into an agreement with Teekay Corporation (“Teekay”) and holders of at least 2/3 of each of its outstanding bond loans regarding the sale of FPSO Sevan Voyageur, FPSO Sevan Piranema and FPSO Sevan Hummingbird (together the “FPSOs”) to Teekay, the raising of new equity in Sevan Marine and a restructuring of the Company’s indebtedness.