Reference is made to previous information about the Voyageur project and the conditional sale to Teekay as set out in the Prospectus dated December 7, 2011 and in the press releases dated February 01, 2012 and February 10, 2012. Sevan Marine is pleased to announce that agreement has been reached with ING Bank N.V, Teekay and E.ON regarding the Voyageur project and the amendment of agreements required to effectuate the sale of the Voyageur to Teekay as described in the Prospectus.

The sale remains subject to certain conditions as described in the Prospectus, including compliance with certain milestone dates. As at the date hereof, the Voyageur conversion and upgrade works progress according to the revised plans, and Sevan Marine believes the relevant milestone dates  under the new agreements will be met.

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 design, engineering and project execution of floating units for offshore applications, with a main focus on Floating Production, Storage and Offloading units (FPSOs). Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN. For more information, please refer to www.sevanmarine.com.

For more information please contact:
Marit Ytreeide, Press Contact (Media)
+47 901 28 308 mobile

Carl Lieungh, CEO, Sevan Marine ASA (Media)
+47 37 40 40 00 office