Study Contract for Chevron's Alder Project Awarded to Sevan

Study Contract for Chevron's Alder Project Awarded to Sevan

Chevron North Sea Limited has awarded Sevan Marine ASA a contract to
conduct a study for the potential application of a Sevan floating
platform for the Alder project, now under consideration by operator
Chevron (70% W.I.) and its co-license holders Conoco Phillips (25% W.I.)
and GDF SUEZ (5% W.I.).

The study will be performed during 2010 and will be focused on
demonstrating the feasibility of the Sevan Cylindrical FPSO for the
field located in the UK Central North Sea. Study scope will cover hull
sizing and configuration, topsides engineering, mooring, motion and
stability analysis, marine operations, risk identification as well as
cost and schedule estimation.

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