Reference is made to previous announcements by Sevan Marine ASA (“Sevan Marine” or the “Company”) in respect of its offering of new shares in the Company for gross proceeds of up to approximately NOK 141 million (or approximately USD 25 million) (the “Offering”).

The subscription period for the Offering expired at 17:30 p.m. CET on December 16, 2011. Sevan Marine is pleased to announce that preliminary counting shows that the Offering has been fully subscribed. The final allocation of the shares offered in the Offering is expected to be resolved by the Board of Directors of the Company later today in accordance with the allocation criteria set out in the prospectus dated December 7, 2011, following which the Company will provide further information.

ABG Sundal Collier, DNB Markets, Pareto Securities and SEB Enskilda have acted as managers for the Offering.

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

Company web-page: www.sevanmarine.com

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No offer to buy, sell or exchange any securities:

This  press release is issued pursuant to  the requirements of Norwegian law and the  Oslo Børs and is not an offer to buy, sell or exchange any of the securities  described herein. This press  release may not be  relied upon by any person  to  whom  it  was  not  intended  to  be  provided. The press release is explicitly not an offer of securities for sale or exchange in the United States. Securities  may not be offered or sold  in the United States absent registration or  an exemption  from registration  under the  U.S. Securities  Act of 1933, as amended.  Sevan Marine has not registered, and the Company does not intend to register, any portion of their securities in the United States.

Forward-looking statements:

This press release  includes  statements  that  may  constitute forward-looking statements.  Such forward-looking statements  are subject to  a variety of known and  unknown  risks,  uncertainties,  and  other  factors  that are difficult to predict  and many  of which  are beyond  Sevan Marine's  control. All statements other than statements of  historical facts included  or incorporated herein may constitute  forward-looking statements.