NOK 700 Million Bond Completed

Reference is made to the announcement dated December 6, 2010, regarding a
contemplated offering of a NOK 500-700 million senior unsecured bond by Sevan
Marine ASA. The bond was completed on Friday December 10 with a placement of NOK
700 million subscribed by Norwegian and international professional investors.
The bond has a term of 4 years and carries an interest rate of 14.00%.

The net proceeds from the issue will be used for general corporate purposes.

First Securities AS and Pareto Securities AS acted as joint lead managers and
book runners. Arctic Securities ASA, Fearnley Fonds ASA and ING Commercial
Banking acted as co-managers.

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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