Update on Sevan Driller

Further to announcements made on November 5, 8 and 19, 2010, all ten ST locks on
the BOP have been replaced. The BOP has been lowered to the seabed and testing
has been completed. In cooperation with Petrobras, preparations are ongoing to
recommence drilling operations, following which the rig will be back on dayrate.

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 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











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