SEVAN MARINE ASA: Annual Report 2011

Please find attached the Sevan Marine ASA annual report 2011.

The independent auditor's report includes an emphasis of matter stating the
following (quote): "We draw attention to the Board of Directors' report and note
1 in the financial statements which explains the condition relating to Teekay's
purchase of the FPSO Sevan Voyageur under the terms of the restructuring
agreement. The purchase is conditioned by the deployment of FPSO Sevan Voyageur
at the Huntington field and receiving a full day rate under the charter
agreement with the license interest holders of the Huntington field no later
than December 31, 2012. No assurance can be given as to whether such condition
will be fulfilled. The Teekay bridge loan calls for completion of the sale
December 31, 2012. Should the sale not be completed and an extension to the
deadline for the bridge loan is not granted, this may adversely affect the
company's ability to continue as a going concern. Our opinion is not qualified
in respect of this matter."

The consolidated income statement of the annual report 2011 includes minor
classification differences between continued and discontinued operations
compared to the Q4 - 2011 report.



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 design, engineering and project execution of
floating units for offshore applications, with a main focus on Floating
Production, Storage and Offloading units (FPSOs). Sevan Marine ASA is listed on
Oslo Børs with ticker SEVAN. For more information, please refer to
www.sevanmarine.com.



For more information please contact:

Marit Ytreeide, Press Contact (Media)
+47 901 28 308 mobile

Carl Lieungh, CEO, Sevan Marine ASA (Media)
+47 37 40 40 00 office

Kjetil Vangsnes, CFO, Sevan Marine ASA (Analysts)
+47 37 40 40 00 office



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