Restructuring Update

Wednesday, February 01, 2012

As described in the Prospectus dated December 7, 2011, the standstill arrangements with ING Bank N.V and E.ON regarding the Voyageur project expired yesterday, January 31, 2012.

Negotiations between Teekay and E.ON regarding Teekay’s participation in the project are at an advanced stage. However, definitive agreements have not been executed. Sevan has requested and expect to obtain shortly confirmation that the standstill arrangements will be extended until close of business on February 10, 2012 in anticipation of final agreements having been executed by then.

No assurance can be given that such agreements will in fact be finalised by that date. Further updates will be provided in due course.

Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, with a main focus on Floating Production, Storage and Offloading units (FPSOs). Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

Sevan Marine ASA