STOCK OPTION AWARDS

In accordance with the authorization granted to the Board of Directors
of Sevan Marine ASA at the Extraordinary General Meeting on June 17,
2009, the Board has established a share option program granting key
employees a total of 13,675,000 share options at an exercise price equal
to the closing price on May 4, 2010; NOK 8.81.

The share options may be exercised with one third after one, two and
three years respectively. All options expire after five years.

The following primary insiders were granted options:

CEO, Jan Erik Tveteraas, was granted 2,000,000 options. Following the
grant, Jan Erik Tveteraas holds 2,000,000 options and 3,051,000 shares
in Sevan Marine ASA.

CFO, Oskar Mykland, was granted 400,000 options. Following the grant,
Oskar Mykland holds 400,000 options and 100,000 shares in Sevan Marine
ASA.

Vice President Finance, Birte Norheim, was granted 400,000 options.
Following the grant, Birte Norheim holds 450,000 options and 25,000
shares in Sevan Marine ASA.

Vice President Business Development/R&D, Fredrik Major, was granted
500,000 options. Following the grant, Fredrik Major holds 816,668
options and 47,332 shares in Sevan Marine ASA.

Vice President Projects, Helle Hundseid, was granted 450,000 options.
Following the grant, Helle Hundseid holds 766,668 options and 30,000
shares in Sevan Marine ASA.

Vice President Operations, Erling Andreas Ronglan, was granted 500,000
options. Following the grant, Erling Andreas Ronglan holds 800,000
options and 30,000 shares in Sevan Marine ASA.

Vice President Sevan Drilling, Jon Helge Willmann, was granted 300,000
options. Following the grant, Jon Helge Willmann holds 300,000 options
in Sevan Marine ASA.

In the capacity as full-time employee of the Company, Chairman of the
Board, Arne Smedal, was granted 2,000,000 options. Following the grant,
Arne Smedal holds 2,000,000 options and 6,962,000 shares in Sevan Marine
ASA.

In the capacity as Group Manager Technology, Kåre Syvertsen, Board
Member, was granted 1,000,000 options. Following the grant, Kåre
Syvertsen holds 1,000,000 options and 3,306,000 shares in Sevan Marine
ASA.

In the capacity as Senior Structural Engineer, Jørgen Skotnes, Employee
representative of the Board, was granted 75,000 options. Following the
grant, Jørgen Skotnes holds 85,000 options and 5,100 shares in Sevan
Marine ASA.

In the capacity as Project Administration manager, Jorunn Haugen,
Employee representative of the Board, was granted 25,000 options.
Following the grant, Jorunn Haugen holds 25,000 options in Sevan Marine
ASA.

In the capacity as Automation Engineer, Morten Ileby, Deputy Employee
representative of the Board, was granted 125,000 options. Following the
grant, Morten Ileby holds 135,000 options and 8,500 shares in 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 http://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