Reference is made to previous announcements in respect of the proposed restructuring (the “Restructuring”) of Sevan Marine ASA (“Sevan Marine” or the “Company”). Consummation of the first parts of the Restructuring (“First Closing”) is currently scheduled to take place on November 30, 2011. Tomorrow, November 24, 2011, will be the last day of trading in the “FRN Sevan Marine Senior Secured Callable Bond Issue 2007/2013”, ISIN NO 001 036696.6, Oslo Børs Trading Symbol “SEVAN 04” (the “Piranema Bond Loan”, and the bonds constituted by such bond loan, the “Piranema Bonds”) with right to receive settlement pursuant to the terms of the restructuring (provided that First Closing occurs on November 30, 2011.

Sevan Marine will request Oslo Børs to suspend trading in the Piranema Bonds on Oslo Børs from and including 25 November 2011 in anticipation of First Closing scheduled to occur on 30 November 2011.

No assurance can be given that First Closing will take place on November 30, 2011.

Please see attached release from Norsk Tillitsmann ASA, which also will be published on www.stamdata.no.

Sevan Marine ASA

 NO0010391642_MD_20111123

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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.