Sevan Marine ASA (the “Company”) has announced that the annual shareholders’ meeting of the Company (the “AGM”) will be held on April 15, 2011. Amongst other issues, election of Directors to the Board of Directors (the “Board”) and members to the Nomination Committee (the “Committee”) will be on the agenda.

The Board
According to the articles of association of the Company, the Board shall consist of 5 to 9 Directors, of whom 2 Directors shall be elected by and amongst the employees of the Sevan group of companies. Said two Directors are elected pursuant to separate procedures according to law, and therefore do not fall within the scope of the tasks of the Committee.

The Board currently consists of 8 Directors, whereof 6 are elected by the shareholders. The Directors elected by the shareholders are Arne Smedal (Chairman), Hilde Drønen (Deputy Chairman), Kåre Syvertsen, Stephan Zeppelin, Mai-Lill Ibsen and Aasulv Tveitereid. At the AGM in 2010, a total of 7 Directors were elected by the shareholders. One of these Directors resigned from the Board in 2010 for personal reasons. It is the consideration of the Nomination Committee that the number of Directors preferably should be reduced, and the Committee thus intends to propose to the AGM that the new Board shall consist of 5 Directors elected by the shareholders, all of which shall be elected at the AGM on April 15, 2011. In accordance with the Joint Stock Public act, this will require that 3 Directors be of one gender, and the remaining 2 Directors of the opposite gender.

With the support from all Directors, the Committee intends to make an open and wide search for potential candidates with the aim of presenting a good and suitable proposal prior to the AGM, taking into account the desired combination within a Board of complementary skills, experience and industry knowledge, as well as the need to satisfy particular committee requirements (such as the audit committee). The Committee has engaged Mercuri Urval to assist in this work.

The Committee
The service term for the Committee members Mimi K. Berdal and Christel Borge expires at the forthcoming AGM. According to the prevailing Articles of Association of the Company, the Chairman of the Board shall act as Chairman of the Committee. Thus, the AGM shall elect the two independent Committee members, in addition to all Directors of the Board.

Proposals
The Committee will appreciate to receive any views or suggestions the shareholders may have as to the composition of the Board and the Committee, including any individual candidates they might like to introduce for consideration.

Please contact any of the undersigned by e-mail of any such views or names no later than by March 1, 2011.

Arendal/Oslo
February 10, 2011

The Nomination Committee

Arne Smedal     This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Christel Borge     This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Mimi K. Berdal               This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Mercuri Urval/Svein Olsen   This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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 specializing in owning, operating and licensing FPSOs and drilling units, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN.
For more information, please refer to www.sevanmarine.com.

 For further 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