Sevan Marine Wins Contract from Petrobras

Petrobras America Inc. has awarded Sevan a drilling contract for the Sevan Driller for the US Gulf of Mexico. The Sevan Driller is currently under construction and the detailed engineering has been underway since March 2006. The rig is designed to include the most advanced drilling capabilities in the industry, based on Sevan's own patented technology.

The Sevan Driller will have a capacity of drilling of wells up to 40,000 feet in water depths of up to 12,500 feet, a variable deckload of more than 15,000 metric tons and high storage capacity of bulk materials. It will be equipped with an internal storage capacity of up to 150,000 barrels of oil.

The drilling contract has a duration of six years and is expected to commence in the first quarter of 2009. Revenues which could be generated over the six year period are approximately US $880 million, including a bonus arrangement and mobilization fee.

In order to satisfy client specific requirements and to further enhance drilling efficiency and rig uptime for deepwater operations in the US Gulf, additional investments of US $50 million will be made to the unit.

This drilling contract is a confirmation of the versatility of Sevan's design. We see ultra deepwater and the US Gulf of Mexico as a great potential for our technology, says Jan Erik Tveteraas, CEO of Sevan Marine ASA.

Sevan Marine ASA is a Norwegian company listed on Oslo Bors with its own unique technology for floating production, storage and drilling. Sevan's technology is developed for applications in offshore oil and gas field developments. The cylindrical hull form has a significant competitive edge when compared to traditional type floaters. Sevan Marine has offices in Tananger, Arendal and Stjordal, Norway; Singapore and Rio de Janeiro, Brazil.

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