SEVAN: US $140 Million Bond Completed

Reference is made to the announcement dated December 5, 2006 regarding a bond of US $140 million to be issued by Sevan Marine ASA.

The bond was completed on Wednesday December 6, 2006 and was oversubscribed 2.8 times. It was placed with Norwegian and international professional investors. The bond will have a term of 5 years and will carry an interest rate of 9.25%.

The proceeds from the issue will be used to part-finance the construction of the Sevan Hummingbird, including refinancing of existing debt facilities. The FPSO will be deployed on the Chestnut Field in the UK sector of the North Sea under a contract with Venture Production. The fixed term of the contract is 2.5 years, with 4 x 6 months extension options, and a further extension option of minimum 3 years. The contract is expected to commence in August 2007.

Pareto Securities ASA was acting as advisor to Sevan Marine.

Sevan Marine ASA is a Norwegian company listed on Oslo Børs 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 Trondheim, Norway; Singapore and Rio de Janeiro, Brazil.