Kanfa Aragon Signs Contract With Samsung Heavy Industries

January 22, 2009

Kanfa Aragon AS, a subsidiary of Sevan Marine ASA, has today signed a Contract with Samsung Heavy Industries Co., LTD in Korea for the development of a liquefied natural gas production topside to the world`s first Floating Liquefied Natural Gas (FLNG) Production Vessel. The contract confirms a letter of intent previously entered into between the parties.

The FLNG topside will be based on Kanfa Aragon`s liquefaction technology. Kanfa Aragon`s scope of work includes the design and engineering of the liquefaction plant as well as procurement of major equipment items. The contract value is approximately USD 200 million. The vessel will be owned and operated by FLEXLNG. The vessel will have a gas processing and liquefaction topside with an LNG capacity of approximately 1.7 mtpa (million metric tons per annum) LNG.

- This is a very important contract for us, and it is confirming our position as a leading world wide technology provider for floating LNG production. In spite of the unstable worldwide financial situation, floating LNG production is a growing market, and this contract puts us in an excellent position to take a major share of this market, says Jan Erik Tveteraas, CEO Sevan Marine ASA.? Kanfa Aragon is focusing on gas technologies and applications with a range of skills, competencies and experience. Together with the Kanfa group, Kanfa Aragon, delivers advanced gas treatment solutions for FPSO projects worldwide.

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 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 http://www.sevanmarine.com/.

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