Reference is made to previous announcements in respect of the proposed restructuring (the “Restructuring”) of Sevan Marine ASA (“Sevan Marine” or the “Company”). Consummation of the first part of the Restructuring (“First Closing”) is currently scheduled to take place on November 30, 2011. Tomorrow, November 24, 2011, will be the last day of trading in the “FRN Sevan Marine.

Further information in respect of the sale of FPSO Sevan Voyageur (“Second Closing”) (currently expected in the third quarter of 2012), and associated Restructuring items, such as settlement of the “FRN Sevan Marine ASA Senior Secured Callable Bond Issue 2007/2012”, ISIN NO 001 039164.2, Oslo Børs Trading Symbol “SEVAN 05” (the “Voyageur Bond Loan”), as well as changes in the security arrangements pertaining to the Voyageur Bond Loan as contemplated by the terms of the Restructuring, will be announced in due course.

No assurance can be given that First Closing will take place on November 30, 2011.

Please see attached release from Norsk Tillitsmann ASA, which also will be published on www.stamdata.no.

Sevan Marine ASA

 NO0010391642_MD_20111123

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Forward-looking statements:

This press release  includes  statements  that  may  constitute forward-looking statements.  Such forward-looking statements  are subject to  a variety of known and  unknown  risks,  uncertainties,  and  other  factors  that are difficult to predict  and many  of which  are beyond  Sevan Marine's  control. All statements other than statements of  historical facts included  or incorporated herein may constitute  forward-looking statements.