Agreement for USD 12 million convertible bond issue executed

April 22, 2009

Reference is made to the announcement dated April 17, 2009, regarding a convertible bond of USD 12 million to be issued by Sevan Marine ASA. The USD convertible bond agreement directed towards Luxor Capital Group, LP has been signed. The Convertible Bond has a term of four years and a fixed coupon of 15 per cent?per annum. Interest payments may, at the Company's election, be paid by way of issuing additional bonds or in cash. The conversion price is the NOK equivalent of USD 1.0454 at the day of exercise of the conversion right. The proceeds from the issue will be used for general corporate purposes.

The full bond agreement is attached to this announcement, and will also be made available at the corporate website; http://www.sevanmarine.com/.

Sevan Marine ASA is listed on Oslo B?rs (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.