USD 525m bank facility for Sevan Driller II secured

Monday, May 03, 2010

Sevan Marine ASA, on behalf of one of its subsidiaries, has secured commitments for a USD 525 million senior debt project finance facility for the Sevan Driller II vessel with ING Bank N.V. as Mandated Lead Arranger. The facility is structured as a limited recourse construction financing and is fully underwritten by ING, GIEK/Eksportfinans and Sinosure.

Sevan Driller II is contracted to Petrobras S.A. for a six year fixed term and is scheduled for delivery from the shipyard in Q1 2012. The rig is currently under construction at the Cosco Nantong Shipyard in China.

Sevan Marine ASA is specializing in owning, operating and licensing FPSOs and drilling units, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN.

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