Update on Sevan Driller Operation

5 Nov 2010

The Sevan Driller is currently off-hire due to problems with the blow-out preventer (‘BOP’) which started on November 2. During routine testing of the BOP, the locking system of one of the rams jammed in locked position. We are working together with Petrobras and the supplier, Cameron, to find a solution to the problem. If a solution is not found, the BOP must be pulled to the surface and repaired.

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.

Sevan Marine ASA