As described in the Prospectus dated December 7, 2011, the standstill arrangements with ING Bank N.V and E.ON regarding the Voyageur project expired yesterday, January 31, 2012.

Negotiations between Teekay and  E.ON regarding Teekay’s participation in the project are at an advanced stage. However, definitive agreements have not been executed. Sevan has requested and expect to obtain shortly confirmation that the standstill arrangements will be extended until close of business on February 10, 2012 in anticipation of final agreements having been executed by then.

No assurance can be given that such agreements will in fact be finalised by that date. Further updates will be provided in due course.

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)
+47 374 04 000 office

Reese McNeel, Sevan Marine ASA (Analysts)
+47 374 04 000 office