Reference is made to the stock exchange notice of October 25, 2011 from Sevan Marine ASA ("Sevan Marine" or the "Company") with regards to a summons of October 24, 2011 (the "Summons") for bondholder meetings.

The bondholder meeting in all of the following bonds (the "Bonds"), as called by the Summons, were held on November 10, 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 059362.7   NOK 700,000,000 14% Sevan Marine ASA Callable Senior Unsecured Bond Issue 2010/14

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

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

In the bondholder meeting all of the proposals were approved in accordance with the Summons. Reference is made to the attached notice of resolutions from Norsk Tillitsmann . This means that all of the resolutions from the bondholders in the Bonds that are necessary to obtain to complete the restructuring of Sevan Marine (the “Restructuring”) as outlined in the Company’s stock exchange notice of October 18, 2011 and in the Summons have been obtained. Please refer to www.stamdata.no for further information.

The shareholders of Sevan Marine will vote on the relevant proposals in relation to the Restructuring in an extraordinary general meeting to be held in Oslo on Monday November 14, 2011 at 17.00 CET. Please refer to the notice for the extraordinary general meeting published on October 14, 2011 for further information. The completion of the Restructuring is subject to additional condition. Reference is made to the Company’s stock exchange notice of October 18, 2011.

 Notice of resolutions from Norsk Tillitsmann

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.

For further information, please contact:

Marit Ytreeide, Press Contact (Media)

+47 901 28 308 mobile

Carl Lieungh, CEO, Sevan Marine ASA (Media)

+47 374 04 000 office

+47 916 64 720 mobile

Reese McNeel, CFO, Sevan Marine ASA (Analysts)

+47 374 04 000 office

+47 46 81 27 15 mobile