Notification of large shareholdings

On 9 February 2010 , Luxor Capital Group, LP
("Luxor"), on behalf of funds managed by Luxor, sold
5,000 shares of Sevan Marine ASA ("Sevan").
Following the sale, funds managed by Luxor held
3,371,092 shares, or 0.64 % of the outstanding
shares of Sevan calculated on the basis of the
registered share capital of Sevan at the time of the
sale. In addition, funds managed by Luxor hold on a
consolidated basis 48,000,000 convertible bonds in
Sevan with a face value of USD 1. The terms of the
convertible bonds are described on Sevan's website.
The convertible bonds may be converted into
49,234,845 shares of Sevan, or 9.36% of the
outstanding shares of Sevan calculated on the basis
of the registered share capital of Sevan at the time
of the sale. Following the sale, Luxor held on
behalf of funds managed by Luxor through its
ownership of the shares and the convertible bonds an
interest in 52,605,937 shares of Sevan, or 9 .99%
of the outstanding shares of Sevan calculated on the
basis of the registered share capital of Sevan at the
time of the sale.

In connection with the restructuring of Luxor Capital
Partners Offshore, Ltd., all the interests in Sevan
previously held by that fund are now held by a newly
formed subsidiary, Luxor Capital Partners Offshore
Master Fund, LP (the "Master Fund"). The Master Fund
holds 687,448 shares and 28,712,000 convertible bonds
that may be converted into 29,450,643 shares.
Through the ownership of these shares and the
convertible bonds, the Master Fund has an interest in
5.73% of the outstanding shares of Sevan.