Reference is made to previous announcements by Sevan Marine ASA (“Sevan Marine” or the “Company”) in respect of the completed offering of new shares in the Company (the “Offering”). The share capital increase pertaining to the new shares issued through the Offering was today registered with the Norwegian Registry of Business Enterprises (Nw. Foretaksregisteret). After the registration, the registered share capital of Sevan Marine is NOK 210,427,996 comprising of 52,606,999 shares each with a par value of NOK 4.00.

The new shares issued through the Offering are not comprised by the currently outstanding mandatory offer by Teekay Service Holdings Coöperatief U.A. (“Teekay”) for shares in Sevan Marine. Accordingly, and in anticipation of settlement of the mandatory offer – expected to occur not later than on January 12, 2012 – the new shares issued through the Offering will be registered with the Norwegian Central Securities Depositary (Nw. Verdipapirsentralen) (the “VPS”) under ISIN NO 001 0630502 (which is a separate ISIN from the other shares in issue in Sevan Marine, ISIN NO 001 0187032) and be traded on Oslo Børs under the trading symbol “SEVAN N” (which is a separate trading symbol from the trading symbol under which the other shares of Sevan Marine are trading under). Such trading of the new shares will commence on December 27, 2011.

Following settlement of the mandatory offer, the new shares will assume the ordinary ISIN of the Sevan Marine shares, ISIN NO 001 0187032, and be traded on Oslo Børs under the ordinary share trading symbol of Sevan Marine, “SEVAN”. This is expected to occur on or about January 13, 2012.

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