Formal acceptance of FPSO Sevan Hummingbird

10 October 2008

Following completion of the first 100,000 bbls of oil production, Venture Production Plc has informed Sevan that the FPSO Sevan Hummingbird has been formally accepted and is on full rate from September 28th. The unit will be installed on the Chestnut Field in the central UK North Sea, under a 2.5+2 year charter contract.

- The FPSO Sevan Hummingbird is the first geo stationary cylindrical FPSO to be installed in the North Sea. This marks a major milestone for Sevan and for our long-term relationship with Venture Production Plc, says Jan Erik Tveteraas, CEO of Sevan Marine ASA.

Sevan Marine ASA is listed on Oslo Bors (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 units 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.

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