This is not an interim balance sheet of the consolidated Sevan Marine Group. The Q3 financial report for Sevan Marine Group will be release on November 9, 2011 as previously announced.

Reference is made to the Notice for an Extraordinary General Meeting in Sevan Marine ASA, to be held on Monday November 14, 2011, at 17.00 p.m. (CET) at Thon Hotel Vika Atrium, Munkedamsveien 45, Oslo and the Agenda for the Meeting, item 6: Approval of the Interim Balance.

As part of the proposed restructuring of Sevan Marine Group the nominal share value of Sevan Marine ASA (the ultimate parent company of the Sevan Marine Group) has to be reduced in order for the new investors to obtain their agreed ownership share through the planned capital increases.

The nominal share value, and so the share capital of Sevan Marine ASA, can be reduced in order to cover uncovered losses in equity (negative equity) on the basis of an audited interim balance sheet of Sevan Marine ASA, which will in this case be a substitute for the regular procedure of two months’ notice to the creditors of the Company.

The interim balance of Sevan Marine ASA as of September 30, 2011 has been approved by the Board of Directors and audited by the Company’s auditors PricewaterhouseCoopers. The interim balance is attached in Norwegian and English language versions.

For further information on the restructuring please refer to:

• The Notification to Oslo Stock Exchange of October 18, 2011 regarding the Agreement for financial restructuring and industrial partnership; and
• The Notice of October 24, 2011 for the Extraordinary General Meeting.

 Mellombalanse

 Interim Balance

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.

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

Carl Lieungh, CEO, Sevan Marine ASA (Media)
+47 374 04 000 office
+47 916 64 720 mobile

Reese McNeel, CFO, Sevan Marine ASA (Analysts)
+47 46 81 27 15 mobile