SEVAN - DISCLOSURE OF SUBSCRIPTION OF SHARES

Following a merger of Aasen AS and Elvheim AS, two companies controlled by Arne
Smedal, Elvheim AS holds a total of 3,263,297 shares in Sevan Marine.

In addition to the Elvheim AS holding, Mr. Smedal, Chairman of the Board of
Directors of Sevan Marine ASA, holds 3,698,703 shares and 2,000,000 share
options in Sevan Marine ASA directly.

Following the merger, Mr. Smedal's total holding is unchanged and he will hold,
directly and indirectly, through entities controlled by him, 6,962,000 shares
and 2,000,000 share options in Sevan Marine.

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.



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