At the offshore conference (‘ONS’) in Stavanger on August, 25, 2010, Arne Smedal was awarded the ONS 2010 Special Innovation Award.

Please find attached the presentation materials for the presentation of the second quarter results to be given today, August 25, 2010.

Operating income for the quarter amounted to USD 58.2 million (USD 49.7 million). EBITDA was USD 22.0 million (USD 7.0 million). Operating loss was USD 0.2 million (loss of USD 15.8 million), and net profit was USD 0.5 million (net loss of USD 22.2 million).

Offshore Northern Seas (ONS) opens today in Stavanger. Sevan Marine has this year an outdoor booth (booth no. 46) which of course is cylinder shaped.

Sevan Marine ASA and E.ON Ruhrgas UK E&P Limited ("E.ON") as operator of the Huntington project have made good progress in the commercial agreements for the lease of the FPSO Sevan Voyageur. 

Yesterday Arne Smedal and Kåre Syvertsen was awarded the Norwegian Academy of Technological Sciences’ (NTVA) Special Award 2010 for their contribution to the development and commercialization of several breakthrough marine-technical constructions, including loading systems that can handle high sea states and the Sevan floating cylindrical platform which combines the load carrying capacity of a ship with the motions of a semi submersible platform.

Reference is made to the announcement on July 1, 2010, regarding Letter of Intent for FPSO Sevan Voyageur. Sevan will submit a notice in this respect before the opening of the Oslo stock exchange tomorrow, Wednesday August 18, 2010.

Centrica Energy Upstream (‘Centrica’) and Sevan Marine ASA (‘Sevan’) have, through their respective wholly-owned subsidiaries, entered into an agreement for Sevan to acquire Centrica’s 20% equity interest in FPSO Sevan Hummingbird for a net consideration of USD 39 million.

With reference to press releases of July 12, July 19, July 23, and August 3, 2010, the fully subscribed new USD 200m bond issue was paid on August 10, 2010, and the first USD 39m tranche thereof has been released today as per the terms of the bond agreement, with the remaining balance expected to be released on or about August 19 for, inter alia, prepayment of amounts due to bondholders under the USD 135m FPSO Sevan Hummingbird bond ‘SEVAN03’ who did not participate in the new USD 200m bond. The full bond loan agreement for the USD 200m bond is available at the Corporate website.

Sevan Driller II was launched on August 2, 2010. The project is progressing according to plan and schedule. Block construction has been completed up to 13.4 meters and the construction activities continue in dry dock at the Cosco Shipyard in Qidong.

Sevan Marine ASA informs that the results for the second quarter of 2010 will be published on August 25, 2010, at 8:00 a.m. (CET).

With reference to press release of July 12, July 19 and July 23, 2010, regarding Bondholder’ meeting in FPSO Sevan Hummingbird bond  ‘ISIN NO 001 034600.0 – Sevan Marine ASA open Bond Issue with Call Option 2006/2011’, the proposed amendment to the bond loan agreement was approved by the Bondholder’ meeting today. The proposed amendment facilitates early redemption of the bonds at 102.5% of par value plus accrued interest on a banking day falling between 10 August 2010 and 27 August 2010.

With reference to press release of July 12 and July 19, 2010, the Bondholders’ in the FPSO Sevan Hummingbird Bond ‘ISIN NO 001 034600.0 – Sevan Marine ASA open Bond Issue with Call Option 2006/2011’ have been summoned to a Bondholder’s Meeting on August 3, 2010. Please refer to the attached Summons Letter and www.stamdata.no for further information.

 Summons to Bondholders' Meeting

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 http://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

Reference is made to the announcement dated July 12 regarding a bond of USD 200 million to be issued by Sevan Marine ASA. The bond was completed on Friday July 16 and was oversubscribed. It was placed with Norwegian and international professional investors. The bond will have a term of 5 years and will carry an interest rate of 12.00% (USD tranche) /13.25% (NOK tranche).

Sevan Drilling AS, a wholly owned subsidiary of Sevan Marine ASA, has signed a mandate letter and term sheet with DVB Group Merchant Bank (Asia) Pte Ltd and NIBC Bank N.V. for the arrangement of a USD 530 million limited recourse secured term loan facility. The facility will replace the existing debt of the Sevan Driller rig which includes a 1st lien bank facility of USD 250 million and a 2nd lien bond facility of NOK 1 billion (‘FRN Sevan Drilling AS Callable Bond Issue 2006/2012’) and is subject to syndication and documentation.

Sevan Marine ASA has retained First Securities AS and Pareto Securities AS to advice on and effect a contemplated bond issue directed towards professional Norwegian and international investors.  

In reference to the financial calendar as published on April 23, 2010, and in relation to the ONS 2010 Conference in Stavanger in August, the Q2 presentation has been relocated to Clarion Hotel, Stavanger.  The updated financial calendar for 2010 for Sevan Marine ASA is as follows:

In reference to announcement made on June 8, 2010, Sevan Marine ASA, on behalf of one of its subsidiaries, has received commitment from ING Bank to arrange and underwrite the USD 230 million Senior Secured Credit Facility for FPSO Sevan Voyageur. The fully documented loan agreement is expected to be completed during third quarter of 2010.

In reference to the announcement made on May 3, 2010, Sevan Marine ASA, on behalf of its wholly owned subsidiaries, and E.ON Ruhrgas UK E&P Limited, as operator on behalf of the Huntington owners, have agreed to extend the Exclusivity Period from June 30, 2010, to August 16, 2010, to allow for the completion of all required documentation relating to the charter of FPSO Sevan Voyageur.

With reference to press release of June 17, 2010, regarding Bondholder’ meeting in FPSO Sevan Voyageur ‘Sevan05 – FRN Sevan Marine ASA Senior Secured Callable Bond Issue 2007/2012’, the proposed amendment to the bond loan agreement was approved by the Bondholder’ meeting today.

Sevan Driller commenced operation as from yesterday and the rig is thereby on full day rate.

With reference to press release of June 8, 2010 the Bondholders’  in the FPSO Sevan Voyageur Bond ‘ISIN NO 001039164.2– FRN Sevan Marine ASA Senior Secured Callable Bond Issue 2007/2012’ have been summoned to a Bondholder’s Meeting on June 25, 2010. Please refer to the attached Summons Letter and www.stamdata.no for further information.

Sevan Driller has left Macae, heading for the drilling location. The advanced deepwater drilling unit is the world's first cylindrical rig and will be operating in the pre-salt area under a six year drilling contract with Petrobras.

Oslo Børs has, as part of standard procedures, analyzed trading statistics for the period December 1, 2009, to May 31, 2010, and hence established the new composition of the liquidity segments. The results are attached, accompanied by two relevant liquidity statistics.

Sevan has been informed that the Sevan Driller has been accepted by Petrobras. The rig will be operating in the pre-salt area offshore Brazil under a fixed six year drilling contract.

Sevan and ING Bank have agreed on a term sheet, which is subject to final credit approval and documentation, for a secured bank facility of USD 230 million for FPSO Sevan Voyageur which will replace the existing 1st lien financing of USD 150 million. The net proceeds of the refinancing completes the funding of the installation of a gas compression plant on FPSO Sevan Voyageur to upgrade the unit for operation on the Huntington field.

Sevan Marine ASA has today on May 31, 2010, held its Ordinary General Meeting.
All the proposals from the Board of Directors to General Meeting were approved.

The Sevan Driller departed Rio yesterday and is currently en route to Macae where formal acceptance will take place. Total transit time to Macae is approximately 24 hours. Following formal acceptance, the unit will relocate to its first drilling location in the Campos basin.

Chevron North Sea Limited has awarded Sevan Marine ASA a contract to conduct a study for the potential application of a Sevan floating platform for the Alder project, now under consideration by operator Chevron (70% W.I.) and its co-license holders Conoco Phillips (25% W.I.) and GDF SUEZ (5% W.I.).

Issuers of listed transferable securities are required to provide Oslo Børs with an annual statement of information made available to the public, cf. the Securities Trading Act section 5-11 sub-section 1. Attached is an annual overview for Sevan Marine ASA for the period January 1, 2009 to May 14, 2010.

Please find attached the presentation materials for the presentation of the first quarter results to be given today, May 12, 2010.

Operating income for the quarter amounted to USD 49.7 million (USD 45.7 million). EBITDA was USD 7.0 million (USD – 1.4 million). Operating loss was USD 15.8 million (USD 15.4 million), and net loss was USD 22.2 million (USD 36.9 million).

The Board of Directors of Sevan Marine ASA has convened the Ordinary General Meeting in Sevan Marine ASA on May 31, 2010, at 5.00 p.m. (CET) at the Company’s offices at Kittelsbuktveien 5, Arendal, Norway.

In accordance with the authorization granted to the Board of Directors of Sevan Marine ASA at the Extraordinary General Meeting on June 17, 2009, the Board has established a share option program granting key employees a total of 13,675,000 share options at an exercise price equal to the closing price on May 4, 2010; NOK 8.81. The share options may be exercised with one third after one, two and three years respectively. All options expire after five years.

Sevan Marine ASA (Sevan), on behalf of its wholly owned subsidiaries, and E.ON Ruhrgas UK E&P Limited, as operator on behalf of the Huntington owners, have entered into a Letter of Intent whereby they agree to progress negotiations on a charter party for the potential use of the FPSO Sevan Voyageur as the production unit for the Huntington field in block 22/14 of the UK continental shelf. These negotiations will be on a mutually exclusive basis for the period until June 30, 2010.