Update on Sevan Driller operation

Friday, September 17, 2010

Defects in the riser tensioning systems (DAT cylinders) in the drilling package, have caused a stop in the drilling operation on the Sevan Driller since August 25, 2010. The supplier and the manufacturer of the cylinders have taken corrective actions and are working in close cooperation with Sevan to repair the equipment. During the period of repair, the rig is on zero dayrate. Sevan expects that the rig will be back in operation by end of September.

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.

Sevan Marine ASA