Reference is made to previous announcements in respect of the restructuring (the “Restructuring”) of Sevan Marine ASA (“Sevan Marine” or the “Company”).

Teekay Service Holdings Cooperatief U.A., an affiliate of Teekay Corporation, has today subscribed and paid for new shares (the “Teekay Placement Shares”) in the Company for gross proceeds of approximately USD 25 million (or approximately NOK 141 million) (the “Teekay Placement”).

Further, Sevan Marine has today registered with the Norwegian Registry of Business Enterprises (the “Registry”):

• the share capital increases associated with the Teekay Placement, and the conversion (the “Debt Conversion”) of a portion of the “14% Sevan Marine ASA Callable Senior Unsecured Bond Issue 2010/2014”, ISIN 001 059362.7 (the “Unsecured Bond Loan”); and
• the previously announced share capital reduction by reduction of the par value of the shares of Sevan Marine from NOK 0.20 per share to NOK 0.04 per share (the “Share Capital Reduction”), followed by the registration of a reverse share split in the ratio of 100:1 (the “Reverse Share Split”), resulting in a par value for each Sevan Marine share of NOK 4.00.

After registration of the Share Capital Reduction, the Teekay Placement, the Reverse Share Split and the Debt Conversion with the Registry, the registered share capital of Sevan Marine is NOK 126,278,282 comprising of 31,569,571 shares each with a par value of NOK 4.00.

The shares of Sevan Marine will trade on Oslo Børs on a reverse split basis (100:1) (par value NOK 4.00 per share) from and including December 1, 2011.

The shares issued to Teekay will, in anticipation of the publication of a prospectus, be registered with the Norwegian Central Securities Depositary (the “VPS”) under the ISIN NO 001 0630494 (a separate ISIN from the other shares in the Company); whereas the shares issued in the Debt Conversion will initially, in anticipation of the publication of a prospectus, be registered with the VPS under the ISIN NO 001 0630759 and not be tradable on Oslo Børs until publication of such prospectus.

In conjunction with the registrations referred to above, a new Board of Directors of the Company was registered comprising of the following members: Siri Beate Hatlen (Chairperson), Arne Smedal (Vice Chairman), Lars Ola Tan Almås (Director, nominated by Teekay), Peter Lytzen (Director, nominated by Teekay), Mari Thjømøe (Director), Jorunn Haugen (Director, employee-elected) and Jørgen Skotnes (Direcor, employee-elected).

Sevan Marine ASA

Contacts:

Marit Ytreeide, Press Contact (Media)

+47 901 28 308 mobile

Carl Lieungh, CEO, Sevan Marine ASA (Media)

+47 374 04 000 office

Reese McNeel, CFO, Sevan Marine ASA (Analysts)

+47 374 04 000 office