Firm engineering agreement signed for the Goliat FPSO

March 26, 2009

With reference to the announcement made on February 2, 2009, Eni Norge AS and Sevan Marine ASA have signed a firm contract for the Post Feed Engineering for the Sevan 1000 FPSO for the Goliat field in the Barents Sea.

The value of the contract is approximately NOK 150 million from February to September 2009. Sevan will grant a license to Eni for the use of the Sevan 1000 FPSO on the Goliat field under a separate agreement.

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.