FPSO Sevan Hummingbird update

28 June 2008

With reference to today`s article in Upstream regarding startup of Sevan Hummingbird on the Chestnut field, Sevan informs that the commissioning activities are nearing its completion. We expect the unit to be ready to produce oil within July. Sevan has previously indicated June as a possible start-up date, underlining this was a stretch target. The cause of the problems related to the ballast piping which occurred during the commissioning process has been identified and the required actions have been taken.

Sevan`s first FPSO, the Sevan Piranema has had an uptime of 98.5% during its first seven months of operations offshore Brazil for Petrobras, with May reaching an uptime of 99.8%.

Sevan Marine ASA is listed on Oslo Børs (ticker SEVAN) and is specializing in building, owning and operating floating units for offshore applications. The Company has developed a cylinder shaped floater, suitable in all offshore environments. Presently Sevan Marine has four floating production, storage and offloading units (FPSOs) and three drilling unit contracted to clients. The Company is also developing other application types for its cylindrical Sevan hull, including floating LNG production and power plants with CO2 capture.

For more information, please refer to www.sevanmarine.com.