Today, December 2, 2011 will be the last day of trading in the shares of Sevan Marine inclusive of right to allocation rights (“Allocation Rights”) in the contemplated offering of new shares in Sevan Marine (the “Contemplated Offering”). For the purposes of determining shareholder’ eligibility, Sevan Marine will look solely to its shareholders register as of expiry of December 7, 2011 (the “Record Date”). For further details, please refer to previous announcement of December 1, 2011.

NOT FOR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

NO SECURITIES ARE BEING OFFERED PURSUANT TO THIS RELEASE. AN OFFERING OF ANY SECURITIES OF THE COMPANY WOULD ONLY BE MADE PURSUANT TO THE TERMS OF A PROSPECTUS PREPARED FOR THAT PURPOSE.

Today, December 2, 2011 will be the last day of trading in the shares of Sevan Marine inclusive of right to allocation rights (“Allocation Rights”) in the contemplated offering of new shares in Sevan Marine (the “Contemplated Offering”). For the purposes of determining shareholder’ eligibility, Sevan Marine will look solely to its shareholders register as of expiry of December 7, 2011 (the “Record Date”). For further details, please refer to previous announcement of December 1, 2011.

The Allocation Rights will not be tradable or transferable. The eligible shareholders who do not use their Allocation Rights will experience a significant dilution as a result of the already completed directed placement towards Teekay, the already completed conversion of debt of the Company and the Contemplated Offering. The Allocation Rights would normally have an economic value if the shares trade above the subscription price during the subscription period for the Contemplated Offering. Upon expiry of the subscription period, the Allocation Rights will expire and have no value.

The per share subscription price in the Contemplated Offering will, in accordance with the terms of the restructuring of the Company, be NOK 6.70 per new share (par value NOK 4.00).

Reference is further made to Teekay’s announced mandatory offer for shares of Sevan Marine. Teekay’s mandatory offer will not comprise the new shares to be issued in the Contemplated Offering. Upon issuance, the new shares resulting from the Contemplated Offering will be issued under a separate ISIN from the shares comprised by Teekay’s mandatory offer, and traded on Oslo Børs under trading symbol separate from the other shares in the Company in anticipation of settlement of Teekay’s mandatory offer.

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.