Norway: Sevan Marine Announces Technical Uptime for its Fleet

Effective from today, Sevan intends to report the Technical Uptime for the fleet in operation on a monthly basis.

Technical Uptime for the months of January and February 2011 were as follows:

January (%)                 February (%)

FPSO Sevan Piranema                            100                                   100

FPSO Sevan Hummingbird                   100                                   100

Sevan Driller                                              78                                       97

Technical Uptime as indicated is based on preliminary ‘best estimates’. Subsequent adjustments may occur, but is not expected to be significant.  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.

Presently, Sevan Marine has four FPSO contracts, including the Goliat Sevan 1000 FPSO, and three drilling contracts with clients.

The Company’s primary focus is to create value for its shareholders by delivering products and solutions to the offshore industry, utilizing its core competencies within the areas of design, engineering and project execution. The basis for the products and solutions is the Sevan technology.

So far, the Company has concentrated its efforts in utilizing the Sevan technology for floating production and drilling applications. However, due to its versatility, the Sevan design may also be used for other applications, including Gas to Wire (GTW), FDPSO (Floating Drilling & Production), floating LNG (FLNG) and accommodation. Going forward, the Company will evaluate the potential for such complementary uses of the Sevan technology.

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Source: Sevan Marine, March 1, 2011;