Reference is made to the Bondholder Summons issued by Norsk Tillitsmann ASA (the “Bond Trustee”) on 24 October 2011, including the Bondholder Term Sheet appended as Appendix 1 to the Bondholder Summons, convening meetings of all of the following bonds (the "Bonds"), which were held on 10 November 2011:

ISIN: NO 001 039164.2   NOK 870,000,000 FRN Sevan Marine ASA Senior Secured

Callable Bond Issue 2007/12

ISIN: NO 001 036696.6   USD 270,000,000 FRN Sevan Marine ASA Senior Secured

Callable Bond Issue 2007/2013

ISIN: NO 001 058295.0   NOK 625,000,000 Sevan Marine ASA Senior Secured Bond Issue 2010/15

ISIN: NO 001 059362.7   NOK 700,000,000 14% Sevan Marine ASA Callable Senior

Unsecured Bond Issue 2010/14

ISIN: NO 001 058296.8   USD 100,000,000 Sevan Marine ASA Senior Secured Bond Issue 2010/15

ISIN: NO 001 062258.2   15 per cent Sevan Marine ASA Callable Senior Secured Bond Issue 2011/12

Under the Bondholder Term Sheet, the holders of ISIN: NO 001 059362.7 (the “Unsecured Bonds” and the holders the “Unsecured Bondholders”) had a right to require the holders (the “Secured Bondholders”) of ISIN: NO 001 039164.2, ISIN: NO 001 036696.6 and ISIN: NO 001 058295.0  to acquire the Unsecured Bondholders’ shares in Sevan Marine obtained through a conversion of the Unsecured Bond (the “Unsecured Equity”) for an aggregate cash payment of USD 6.25 million, provided that this was required by notice (an “Unsecured Equity Notice”) from Unsecured Bondholders holding more than 50% of the outstanding Unsecured Bonds. Please refer to the notice issued by the Bond Trustee to the Unsecured Bondholders on 10 November 2011 and the Bondholder Summons, including, in particular, the Bondholder Term Sheet, for further information, and to the minutes of meeting from the extraordinary general meeting in Sevan Marine held on 14 November 2011 for further information on the Unsecured Equity.

By the deadline for the Unsecured Equity Notice on Monday 14 November 2011 at 17.00 CET Unsecured Bondholders representing less than 50% of the outstanding Unsecured Bonds had issued an Unsecured Equity Notice. Consequently, the Secured Bondholders are not required – or entitled – to acquire the Unsecured Equity.

Please refer to the attached notice from the Bond Trustee.

 NO0010593627_MD_20111115

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.