Reference is made to previous announcements by Sevan Marine ASA (“Sevan Marine” or the “Company”) in respect of its offering of new shares in the Company for gross proceeds of up to approximately NOK 141 million (or approximately USD 25 million) (the “Offering”).

Final counting confirms that the Offering was  fully subscribed. 21,037,428 new shares will be issued in the Offering.

Allocation letters will be sent to subscribers who have been allocated new shares today, giving notification of the allocated new shares and the corresponding subscription amount to be paid by each subscriber. Payment for the allocated shares falls due on December 22, 2011 in accordance with the payment procedures described in the Company’s prospectus dated December 7, 2011.

Subject to full payment being received, the share capital increase relating to the Offering is expected to be registered with the Norwegian Registry of Business Enterprises on December 23, 2011, following which the new shares are expected to be delivered to the investors’ VPS accounts on our about December 27, 2011.

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) from and including 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.

ABG Sundal Collier, DNB Markets, Pareto Securities and SEB Enskilda have acted as managers for the Offering.

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

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: