Notice of Arbitration Proceedings with Oil and Natural Gas Corporation, India ("ONGC")

Reference is made to a Firm Order dated 13 June 2008 between ONGC and Sevan
Marine ASA (the "Company") for Charter Hire of an Ultra Deepwater Drilling Rig
(the "Firm Order")

The Company has issued a Notice of Arbitration to ONGC, informing ONGC of its
intention to resolve certain disputes between the Company and ONGC relating to
the Firm Order by reference to arbitration.

In the arbitration, the Company is disputing ONGC's right to call on a Bank
Guarantee for the sum of USD 15.9m and/or to receive monies under the Bank
Guarantee on the grounds that ONGC has suffered no loss and/or that any loss
suffered by ONGC does not amount to the sum of the Bank Guarantee.

The Company has filed a Petition with Indian courts seeking an order to restrain
ONGC from invoking the Bank Guarantee until the disputes between ONGC and the
Company are resolved by way of arbitration. ONGC will therefore not be able to
invoke the Bank Guarantee until after the outcome of the Petition and any
subsequent appeals.

Sevan will continue to make the appropriate announcements as and when it
receives further updates on the matter.

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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