Sevan Marine Completes Bond Issue

Sevan Marine ASA has retained Pareto Securities ASA and Fearnley Fonds ASA to advice on a contemplated bond issue directed towards professional Norwegian and international investors.

The bond issue is intended to be up to USD 150 million. The proceeds from the issue will be used to part-finance the construction of the Sevan Voyageur. The subscription period is expected to start September 24, 2006.

FPSO Sevan Voyageur is in the final construction phase at the Yantai Raffles Shipyard in China. In Q4 2007, the unit will be transported onboard a dry-tow vessel from China to a European shipyard for topside hook-up and commissioning. FPSO Sevan Voyageur will be installed on the Shelley field in the central UK North Sea in 2008, under a five-year contract with Oilexco North Sea Ltd.

Sevan Marine ASA is listed on Oslo Bors and is specializing in building, owning and operating floating units for offshore applications. The Company has developed a cylinder shaped platform type, suitable for applications in all offshore environments. Presently Sevan Marine is focusing on two application types for its cylinder platform, floating production and drilling. Sevan Marine has offices in Tananger, Arendal, Asker and Truncheon, Norway; Singapore and Rio de Janeiro, Brazil.