Sevan Marine ASA has today on November 14, 2011, held an Extraordinary General Meeting.

The proposed restructuring was approved.

Attached as appendix to this announcement are the minutes of Extraordinary General Meeting in Norwegian and translation into English. The minutes have been posted on the Company’s web-site: www.sevanmarine.com.

 Minutes EGM Sevan Marine ASA

 Protokoll EGF Sevan Marine ASA

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Dated: November 14, 2011

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 http://www.sevanmarine.com//.

For further information, please contact:

Marit Ytreeide, Press Contact (Media)
+47 901 28 208 mobile

Carl Lieungh, CEO, Sevan Marine ASA (Media)
+47 37404000 office
+47 91664720 mobile

Reese McNeel, CFO, Sevan Marine ASA (Analysts)
+47 374 04 000 office
+47 46812715 mobile