Sevan secures additional financing and redeems convertible bond

Sevan Marine ASA has entered into a USD 83 million credit facility agreement
('the New Bank Loan') secured by an assignment of certain future contracted cash
flows. The New Bank Loan is a club deal arranged by Investec Bank plc. The banks
providing the loan are Investec Bank plc, Standard Bank plc and Macquarie Bank
Limited.

The net proceeds of the New Bank Loan will be used to prepay the USD 48 million
senior secured callable convertible bond 2009/2013 (ISIN NO 001 050776.7) ('the
Convertible Bond') and for general corporate purposes.

The Convertible Bond will be prepaid in accordance with its terms and Sevan has
today served an irrevocable call notice to Norsk Tillitsmann ASA initiating the
prepayment procedure.


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//.

Investec Bank plc is a subsidiary of the Investec group which is an
international specialist bank and asset manager (see www.investec.co.uk). The
Capital Markets division, which arranged this transaction, provides a wide range
of specialist products, services and solutions to select corporate clients,
public sector bodies and institutions.



For further information, please contact:

Oskar Mykland, CFO, Sevan Marine ASA (Analysts)
+47 37404034 office
+47 45480909 mobile

 Jan Erik Tveteraas, CEO, Sevan Marine ASA (Media)
+47 37404000 office
+47 95214925 mobile

Birte Norheim, VP Finance, Sevan Marine ASA (Analysts) Available from 9.30am
(CET)
+47 37404201 office
+47 95293321 mobile



[HUG#1449398]