Sevan Contemplates Shares

Sevan Marine has retained SEB Enskilda ASA, Pareto Securities ASA and Carnegie ASA to advice on and effect a contemplated share issue directed towards professional domestic and international investors.

The contemplated share issue will amount to a maximum of 15,890,000 new shares or approx. 9.9% of the existing number of outstanding shares of the Company, at a subscription price of NOK 67.00 with gross proceeds of NOK 1,064 million. Any such new shares will be issued according to the authorization provided to the board of directors at the annual general meeting on May 3, 2007. Larger institutional and long-term investors will be preferred.

The proceeds of the transaction will be used to part-finance the Company' existing and future construction program and potential capacity expansion of existing units. The Company currently has one production unit, the FPSO Sevan Piranema, in operation and has four other Sevan units contracted, including one drilling unit.

The Company's first production unit, the FPSO Sevan Piranema, commenced production last week on the Piranema field off the North-East coast of Brazil, under an 11+11 year charter contract with Petrobras.