Update on Huntington contract negotiations

Sevan Marine ASA and E.ON Ruhrgas UK E&P have finalized the commercial
negotiations on the Charter Party Agreement for the lease of the FPSO Sevan
Voyageur for operation on the Huntington field.

The parties are aligned on the schedule to move the project forward under the
current LOI towards contract execution.

The charter party has a fixed term of five years with extension options and an
estimated contract value of USD 535 million for the fixed term.

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 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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