Norway: Sevan Marine Appoints New CEO

In accordance with announcement made on March 25, 2011, and in relation to the listing of Sevan Drilling ASA, Mr. Jan Erik Tveteraas will retire from the position as CEO of Sevan Marine ASA to take on the position as CEO of Sevan Drilling ASA. Mr. Tveteraas was a founding shareholder of Sevan Marine ASA and has been the CEO since the inception in 2001. He has been proposed by the nomination committee as a Board member of Sevan Marine.

Carl Lieungh has been appointed new CEO of Sevan Marine ASA following today’s general meeting in Sevan Marine.

Mr. Lieungh comes from the position as CEO for Norse Cutting & Abandonment AS (NCA) and has more than 25 years of experience from the oil and gas industry including management and development of enterprises, project management, marketing and international business development. Mr. Lieungh has held key positions within these areas as Senior Vice President for Business Development of the Oil, Gas and Marine Solutions Division in Siemens AG, President for Kvaerner Process System Group of companies and Managing Director of Hitec Framnes AS.

Mr. Lieungh holds a Master of Science from the Norwegian Institute of Technology and Master of Management from The Norwegian School of Management.

Chairman of the Board, Arne Smedal, comments: “We are very pleased to announce that Carl Lieungh has accepted the position as CEO in Sevan Marine ASA. Mr. Lieungh has extensive knowledge about international business and the offshore industry in general and we are convinced that Mr. Lieungh’s industrial experience will be valuable to Sevan Marine ASA. I want to thank Jan Erik Tveteraas for his valuable contribution to the commercialization of the Sevan technology, and wish him all success with his new role in Sevan Drilling ASA where Sevan Marine ASA remains a main shareholder.”

Sevan Marine ASA is specializing in owning, operating and licensing FPSOs and drilling units, based on its patented cylindrical floater technology.

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Source:Sevan Marine , April 28, 2011;