Reference is made to previous announcements by Sevan Marine ASA (“Sevan Marine” or the “Company”) in respect of issuance of new shares in the Company through the Company’s offering completed on December 23, 2011.

The Company has been informed by Oslo Børs that the new shares will be admitted to trading on Oslo Børs from and including today, December 27, 2011, under the trading symbol “SEVAN N”. The new shares are not comprised by the currently outstanding mandatory offer by Teekay Service Holdings Coöperatief U.A. (“Teekay”) for shares in Sevan Marine. Accordingly, the new shares will carry the ISIN ISIN NO 001 0630502 and be traded on Oslo Børs under the trading symbol “SEVAN N” until after settlement of the mandatory offer. Following settlement of the mandatory offer, the new shares will assume the ordinary ISIN of the Sevan Marine shares, ISIN NO 001 0187032, and be traded on Oslo Børs under the ordinary share trading symbol of Sevan Marine, “SEVAN”. This is expected to occur on or about January 13, 2012.

Sevan Marine ASA

Contacts:

Marit Ytreeide, Press Contact (Media)
+47 901 28 308 mobile

Carl Lieungh, CEO, Sevan Marine ASA (Media)
+47 374 04 000 office

Reese McNeel, CFO, Sevan Marine ASA (Analysts)
+47 374 04 000 office