Update on Sevan Driller Operation

The Sevan Driller is currently off-hire due to problems with the blow-out
preventer ('BOP') which started on November 2. During routine testing of the
BOP, the locking system of one of the rams jammed in locked position. We are
working together with Petrobras and the supplier, Cameron, to find a solution to
the problem. If a solution is not found, the BOP must be pulled to the surface
and repaired.

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




[HUG#1459364]