Sevan Marine Completes Bond Issue

In regards to the previously announced bond of NOK 870 million, the bond was completed on Wednesday September 26, 2007 and was oversubscribed. 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 NIBOR + 5.5%. The proceeds from the issue will be used to part-finance the construction of the Sevan Voyageur.

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.