Stein Giljarhus Joins Sevan Drilling as New CEO

Sevan Marine announced that Stein E. Giljarhus will assume the position as CEO of Sevan Drilling ASA. Giljarhus will join Sevan as CEO of Sevan Drilling with effect from November 1, 2008.

Stein E. Giljarhus (52) has a bachelor degree in Petroleum Engineering and Structural Engineering. He has more that 30 years experience in the offshore industry, from drilling and well service activities offshore Norway, UK, Canada, Latin America, Far East, North Africa and Middle

Prior to joining Sevan, Giljarhus held senior management positions with Transocean, as Vice President operations, and AGR (which he co-founded), as Executive Chairman and CEO, and latterly with Neptune
Marine Oil & Gas, as CEO.

The Board of Sevan Marine ASA is evaluating various alternatives and models for the development of its drilling activities, including a separate listing of Sevan Drilling on Oslo Bors.