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. 

Huntington is operated by E.ON with an equity share of (25%). The other joint venture partners are Premier Oil ONS Limited (40%); Altinex Oil (UK) Limited (20%) and Carrizo Oil & Gas, Inc. (15%). 

The parties have agreed to extend the current Letter of Intent until October 1, 2010, to allow the parties to continue the negotiations with the aim to finalize the contractual documentation by that date.

The Huntington partners have agreed to continue to fund certain Sevan costs and Long Lead items for the upgrade work in order to maintain the Huntington project schedule for first oil production. The upgrade work will be carried out at the Nymo yard in Arendal, Norway.

E.ON Ruhrgas Exploration & Production has activities in six countries and produced 4.4 billion cubic meters of natural gas in 2009 (at equity gas included).

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

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