FPSO Sevan Piranema has produced for one year

October 10, 2008

The FPSO Sevan Piranema has today been producing oil for Petrobras for its first full year.

The unit is located on the Petrobras operated Piranema field, off the coast of Aracaju, in the state of Sergipe, Brasil.

During the first year of operation, the FPSO Sevan Piranema has produced 2,9 Million barrels of oil, exported 14 shuttle tanker cargos. The production uptime during this full year has been 97,5% and over 99% since the start of 2008.

The Sevan Piranema is working under an 11+11 year charter contract with Petrobras S.A., in ultra deep water, ranging from 1,000 to 1,600 m. The FPSO has a nominal oil storage capacity of 300,000 barrels and is equipped with an oil process capacity of 30,000 barrels per day and a gas compression capacity of 3.6 million m3 per day.

The Sevan Piranema is the world's first cylinder shaped FPSO and is based on Sevan's unique and patented technology. It is also the first floating production unit to operate in this area of Brasil.

- The cylindrical Sevan FPSO is designed to provide improved motions, higher stability reserves and higher deck load capacity than conventional units. The high uptime from the first year of operation of the FPSO Sevan Piranema confirms these capabilities , 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.