USD 200 Million Bond Completed

Wednesday, July 07, 2010

Reference is made to the announcement dated July 12 regarding a bond of USD 200 million to be issued by Sevan Marine ASA. The bond was completed on Friday July 16 and was oversubscribed. It was placed with Norwegian and international professional investors. The bond will have a term of 5 years and will carry an interest rate of 12.00% (USD tranche) /13.25% (NOK tranche).

The net proceeds from the issue will be employed (i) to refinance the existing USD 135 million ‘SEVAN03’ debt in full, (ii) to acquire the 20% stake in the FPSO Sevan Hummingbird from Centrica Energy Upstream so as to become the 100% owner of the FPSO, and (iii) for general corporate purposes.

FPSO Sevan Hummingbird has been operating for Centrica Energy Upstream since September 2008 under a fixed 2.5 year contract with extension options for up to 7 years.

First Securities AS and Pareto Securities AS acted as advisors to Sevan Marine ASA.

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.

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 http://www.sevanmarine.com//.