As previously announced, Sevan Marine ASA (“Sevan Marine” or the “Company”)  is planning to raise up to approximately NOK 141 million through an equity offering (the “Offering”) (per share subscription price: NOK 6.70) as contemplated by the terms of the restructuring of Sevan Marine (the “Restructuring”). The subscription period for the Offering commences today.

Mr. Kjetil Vangsnes has accepted the role as permanent CFO of Sevan Marine and will commence his engagement on January 01, 2012. Mr. Reese McNeel Interim CFO will step down from his position at that time. Mr. McNeel will continue to support the finance organisation of Sevan Marine post Mr. Vangsnæs’ appointment to ensure a smooth and orderly handover.

Today, December 2, 2011 will be the last day of trading in the shares of Sevan Marine inclusive of right to allocation rights (“Allocation Rights”) in the contemplated offering of new shares in Sevan Marine (the “Contemplated Offering”). For the purposes of determining shareholder’ eligibility, Sevan Marine will look solely to its shareholders register as of expiry of December 7, 2011 (the “Record Date”). For further details, please refer to previous announcement of December 1, 2011.

Reference is made to Sevan Marine ASA’s (“Sevan Marine” or the “Company”)  third quarter 2011 interim financial report published on November 09, 2011 (the “Third Quarter Report”). The Company has identified an error in the allocation of costs between continued and discontinued operations in the Third Quarter Report.

Reference is made to previous announcements in respect of the restructuring (the “Restructuring”) of Sevan Marine ASA (“Sevan Marine” or the “Company”) and the contemplated offering of new shares in the company for gross proceeds of up to approximately NOK 141 million (or approximately USD 25 million) (the “Contemplated Offering”).

Reference is made to previous announcements in respect of the restructuring (the “Restructuring”) of Sevan Marine ASA (“Sevan Marine” or the “Company”).

Teekay Service Holdings Cooperatief U.A., an affiliate of Teekay Corporation, has today subscribed and paid for new shares (the “Teekay Placement Shares”) in the Company for gross proceeds of approximately USD 25 million (or approximately NOK 141 million) (the “Teekay Placement”).

Reference is made to previous announcements in respect of the restructuring (the “Restructuring”) of Sevan Marine ASA (“Sevan Marine” or the “Company”). Sevan Marine is pleased to announce that it today closed the sale of FPSO Sevan Piranema and FPSO Sevan Hummingbird to Teekay and applied the associated proceeds from such sales to settle the “FRN Sevan Marine Senior Secured Callable Bond Issue 2007/2013”, ISIN NO 001 036696.6, Oslo Børs Trading Symbol “SEVAN 04” (the “Piranema Bond Loan”) and the “12.0/13.25% Sevan Marine Senior Secured Bond Issue 2010/2015”, ISIN NO 001 058295.0/001 058296.8 (the “Hummingbird Bond Loan”) in accordance with the terms of the Restructuring.

Reference is made to previous announcements in respect of the proposed restructuring (the “Restructuring”) of Sevan Marine ASA (“Sevan Marine” or the “Company”). Consummation of the first part of the Restructuring (“First Closing”) is currently scheduled to take place on November 30, 2011. Tomorrow, November 24, 2011, will be the last day of trading in the “FRN Sevan Marine.