SEVAN MARINE ASA: MOU with Teekay Shipping

Xcite Energy Limited, through its 100% subsidiary Xcite Energy Resources Limited
("XER"), has entered into a Memorandum of Understanding ("MOU") with Teekay
Shipping Norway AS ("Teekay"), which sets out the principles of co-operation for
the supply of a floating storage and offloading ("FSO") facility for the life of
the UK CNS Bentley field. The FSO is based on Sevan Marine's cylindrical floater
technology, and will be bridge linked to the Bentley production platform.

XER and Teekay intend to work together on an exclusive basis during the project,
from front end engineering through fabrication, hook up and onwards into
production operations and maintenance.

Sevan Marine ASA will work closely with, and formally as a sub-contractor to,
Teekay under this MOU.


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, 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 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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