Norway: USD 230M Bank Facility for FPSO Sevan Voyageur Fully Committed

In reference to announcement made on June 8, 2010, Sevan Marine ASA, on behalf of one of its subsidiaries, has received commitment from ING Bank to arrange and underwrite the USD 230 million Senior Secured Credit Facility for FPSO Sevan Voyageur. The fully documented loan agreement is expected to be completed during third quarter of 2010.

The net proceeds of the refinancing will replace the existing 1st lien financing of USD 150 million and completes the funding of the installation of a gas compression plant on FPSO Sevan Voyageur to upgrade the unit for operation on the Huntington field.

As announced on May 3 and July 1, 2010, Sevan and E.ON Ruhrgas UK E&P Limited have entered into a Letter of Intent for the potential use of the FPSO Sevan Voyageur as the production unit for the Huntington field. The proposed charter party will be for a firm fixed term of five years with extension options. The estimated contract value is USD 535 million for the fixed term.

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.

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Source: SevanMarine,July 7, 2010;