Sevan Marine ASA has today on May 31, 2010, held its Ordinary General Meeting.
All the proposals from the Board of Directors to General Meeting were approved.

THE BOARD OF DIRECTORS

The shareholder elected members to the Board of Directors consist of:

Arne Smedal (Chairman, re-elected)
Hilde Drønen (Director, re-elected)
Mai-Lill Ibsen (new Director)
May Britt Myhr (new Director)
Aasulv Tveitereid (new Director)
Kåre Syvertsen (Director)
Stephan M. Zeppelin (Director)

In addition two Directors are elected by and among the employees of the Sevan Marine Group. The Directors elected by the employees were appointed in 2009 and are:

Jorunn Haugen – (Board Member – elected by the employees)
Jørgen Skotnes – (Board Member – elected by the employees)
Ann Kristin Nielsen – (Deputy Director for Jorunn Haugen)
Morten Ileby – (Deputy Director for Jørgen Skotnes)

AUTHORISATIONS

New shares, financing

The Board of Directors is authorized to issue up to 52,606,998 new shares to part finance capital requirements of the Company, including capital requirements related to engineering, construction, equipment and/or operations of Sevan units and acquisition of enterprises.

Share options

The Board of Directors is authorized to allocate up to 6,325,000 new share options to employees.

New shares, employees

The Board of Directors is authorized to issue up to 26,185,487 new shares in connection with stock options and bonus programme.

Treasury shares

The Board of Directors is authorized to acquire up to 52,606,998 treasury shares.

Convertible loans

The Board of Directors is authorized to obtain convertible loans in the aggregate amount of up to USD 200,000,000 which can be converted into up to 52,606,998 shares.

MINUTES

Attached as appendix to this announcement are the minutes of Ordinary General Meeting in Norwegian and translation into English. The minutes have been posted on the Company’s web-site; www.sevanmarine.com.

 Minutes of Ordinary General Meeting

 Protokoll fra ordinær Generalforsamling

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Dated: May 31, 2010

Sevan Marine ASA

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs – Continuing Obligations. 

Sevan Marine ASA is specializing in owning, operating and licensing FPSOs and drilling units, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN.

For more information, please refer to www.sevanmarine.com.

For further information, please contact:  

Jan Erik Tveteraas, CEO, Sevan Marine ASA (Media)
+47 37404000 office
+47 95214925 mobile

Birte Norheim, VP Finance, Sevan Marine ASA (Analysts)
+47 37404201 office
+47 95293321 mobile