FPSO'S

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Sevan: Update on FPSO Sevan Voyageur
SVMRF.pk,, SEVAN.ol

Sevan: Update on FPSO Sevan Voyageur

Following Oilexco`s announcement yesterday regarding appointment of
Administrators of its subsidiary Oilexco North Sea Limited, Sevan has
had initial discussions with the Administrators. A process for payment
for the activities incurred during the period of administration has been
agreed.

Sevan continues the final commissioning activities on FPSO Sevan
Voyageur, preparing the unit for first oil on the Shelley field.


Sevan Marine ASA is listed on Oslo Børs (ticker SEVAN) and is
specializing in building, owning and operating floating units for
offshore applications. The Company has developed a cylinder shaped
floater, suitable in all offshore environments. Presently Sevan Marine
has four floating production, storage and offloading units (FPSOs) and
three drilling units contracted to clients. The Company is also
developing other application types for its cylindrical Sevan hull,
including floating LNG production and power plants with CO2 capture. For
more information, please refer to http://www.sevanmarine.com/.

For information, please contact:
Jan Erik Tveteraas, CEO, Sevan Marine ASA (Media)
[phone] office
[phone] mobile

Birte Norheim, VP Finance, Sevan Marine ASA (Analysts)
[phone] office
[phone] mobile
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