Sevan and E.ON Ruhrgas agree to extend Letter of Intent for Huntington project

Sevan Marine ASA and E.ON Ruhrgas UK E&P Limited ("E.ON") as operator of the
Huntington project have made good progress in the commercial agreements for the
lease of the FPSO Sevan Voyageur.

Huntington is operated by E.ON with an equity share of (25%). The other joint
venture partners are Premier Oil ONS Limited (40%); Altinex Oil (UK) Limited
(20%) and Carrizo Oil & Gas, Inc. (15%).

The parties have agreed to extend the current Letter of Intent until October
1, 2010, to allow the parties to continue the negotiations with the aim to
finalize the contractual documentation by that date.

The Huntington partners have agreed to continue to fund certain Sevan costs and
Long Lead items for the upgrade work in order to maintain the Huntington project
schedule for first oil production. The upgrade work will be carried out at the
Nymo yard in Arendal, Norway.

E.ON Ruhrgas Exploration & Production has activities in six countries and
produced 4.4 billion cubic meters of natural gas in 2009 (at equity gas
included).

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 towww.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



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