Eni Norge and Sevan Marine sign Project Services Contract for Goliat

Eni Norge and Sevan Marine sign Project Services Contract for Goliat

Eni Norge AS as Operator of Goliat and Sevan Marine ASA have entered
into a contract where the parties will work together in order to achieve
a successful result for the Goliat FPSO (Floating Production, Storage
and Offloading) project.

Under the contract, Sevan Marine will provide project and engineering
management and early operation preparation services. The services will
include personnel to be integrated as a part of the Eni project follow
up organisation. Sevan Marine will also execute and assist Eni in
several specific key engineering and construction activities related to
proprietary technology areas for the Sevan Marine FPSO concept.

- Sevan is very pleased to enter into this cooperation contract. We look
forward to work together with Eni to execute a profitable, safe and
environmentally friendly project, says Jan Erik Tveteraas, CEO Sevan
Marine ASA.

A Sevan 1000 FPSO design has been selected and will be installed on the
Goliat field in the sub-arctic Barents Sea off the northern coast of
Norway. First oil is expected within 2013. The contract for engineering,
procurement and construction (EPC) of the FPSO is planned to be
announced later in first quarter 2010.
The Goliat FPSO will have a production capacity of some 110,000 barrels
of oil per day, a gas processing capacity of almost 4.0 million standard
cubic meters per day and an oil storage capacity of one million barrels
of oil.

The Goliat FPSO has been designed according to strict environmental
requirements in the Barents Sea , and with a minimum of emissions and no
discharges during normal operation. The Goliat FPSO electrification
solution will provide reduced emission of CO2 compared to no electricity
from shore. The selected solution is based on state of the art
electrification technology that is possible to utilize as a result of
the Sevan geostationary moored FPSO design.

Eni Norge is the Operator of the Goliat field with an ownership share of
65%, while Statoil has an ownership share of 35%. Eni Norge is owned by
Eni S.p.A. that is one of the largest integrated energy companies in the
world.

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 listed on Oslo Børs (ticker SEVAN) and is
specializing in building, owning and operating floating units for
offshore applications. The Company has developed a cylinder shaped
floater, suitable in all offshore environments. Presently, Sevan Marine
has four FPSO contracts, including the Goliat Sevan 1000 FPSO, and three
drilling contracts with clients. The Company is also developing other
application types for its cylindrical Sevan hull, including floating LNG
production and power plants with CO2 capture. For more information,
please refer to http://www.sevanmarine.com/.

For 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