Sevan Marine Completes Private Placement

The private placement was completed and the Sevan Marine ASA's board of directors and approved the issuance of 17,804,000 shares at a subscription price of NOK 68.00 per share, raising gross proceeds of approx. NOK 1.2 billion. In addition, the primary insiders Jan Erik Tveteraas, Arne Smedal, Aslak Hjelde and Kare Syvertsen, (and/or companies controlled by them), sold 690,000 shares to NOK 68.00 per share, solely for the purpose of covering tax liabilities. The private placement was significantly oversubscribed.

The proceeds of the transaction will be applied towards projects within floating oil production and floating lng production and for general corporate purposes, The Company currently has the FPSO Sevan Piranema in operation in Brazilian waters, the FPSO Sevan Hummingbird under commissioning in the North Sea, and has six other Sevan units contracted, including three drilling units.

In accordance with the proxy established at the Company's General Meeting, the Company's board of directors resolved to issue 17,804,000 million new shares, each at a par value of NOK 0.20, representing approximately 9.9% of the registered share capital.

Shares offered in the private placement will comprise of already listed shares made available to the Joint Lead Managers by existing shareholders, including the primary insiders (the `Lenders`) Arne Smedal, Jan Erik Tveteraas, Kaare Syvertsen and Aslak Hjelde (and/or companies controlled by them), based on a standard Stock Lending Agreement between, inter alia, the Joint Lead Managers and the Lenders, under which the Lenders receive no compensation. Accordingly, all shares subscribed in the private placement will, effectively, be tradable immediately after delivery to the investors. The shares borrowed from the lenders will be returned to the lenders by way of the new shares upon their issuance and registration.


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