Statoil has awarded Sevan Marine a study of the potential application of a Sevan FPSO for Statoil's Skrugard/ Havis development in the Norwegian Barents Sea.

The study will be performed in the period from April 2012 to May 2013 and will be focused on further development of the Sevan FPSO as basis for future preferred concept.

Sevan Marine has in 2011 carried out a feasibility study for the Statoil's Skrugard/ Havis development.

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 design, engineering and project execution of floating units for offshore applications, with a main focus on Floating Production, Storage and Offloading units (FPSOs). Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:

Marit Ytreeide, Press Contact (Media)

+47 901 28 308 mobile

Carl Lieungh, CEO, Sevan Marine ASA (Media)

+47 37 40 40 00 office

Kjetil Vangsnes, CFO, Sevan Marine ASA (Analysts)