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.

The Nomination Committee has issued their proposal for Changes to the Board of Directors, elections of members to the Nomination Committee and remuneration to Directors. Reference is made to item 12 of the agenda for the General Meeting.

Attached as an appendix to this announcement is the proposal from the Nomination Committee to the shareholders in Norwegian and English language.

 Innstilling fra valgkomiteen i Sevan Marine ASA

 Proposal from the Nomination Committee of Sevan Marine ASA

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, 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:

Tom Ruud, Chairman of Nomination Committee
+47 993 31 617

Marit Ytreeide, Press Contact (Media)
+47 901 28 308 mobile