FPSO'S

[10 bagger]

SEVAN.ol,, SVMRF.pk,, $6.03 Nor Kor,, $0.93 USD...

http://www.newsweb.no/newsweb/search.do?messageId=236846

"Outlook The main focus for Sevan is to consolidate its ongoing business in light of the challenging market conditions. As a part hereof, priority is given to optimize the current contract portfolio, secure the required financing for existing commitments, reduce operating cost and maintain a high uptime on operating units. A special focus is given to the executing of the Sevan Driller new-building contract. Several oil companies have announced a reduction in E&P budgets. However, the Board still sees opportunities for cost efficient solutions. For new projects, focus will be on securing contracts for the Sevan 300 no. 4 and 5 hulls. Arendal, May 5, 2009 The Board of Directors"

Sevan Marine ASA

Sevan Marine: Q1 Results 2009

Operating revenues for the first quarter amounted to USD 45.7 million (USD 24.3 million). Operating loss was USD 15.4 million (USD 25.6 million), and net loss was USD 36.9 million (USD 33.6 million).

Operating revenues for the quarter were USD 21.4 million higher than previous year mainly because FPSO Sevan Hummingbird commenced operations in September 2008. A reduction in revenue from the Topside and Process Technology segment of USD 4.3 million was compensated by revenue from the Goliat Post FEED in the Floating Production segment.

Operating expenses for the quarter were USD 7.2 million higher than previous year as a result of the increase in activities reflected in the revenues above. EBITA for the first quarter was USD -1.4 million (USD - 20.8 million), reflecting an improvement of USD 19.4 million compared to previous year.
Net foreign exchange losses relating to financing of USD 11.4 million (USD 19.7 million) were a result of unrealized foreign exchange losses relating to the NOK-nominated bonds following a weakening of the USD relative to NOK during the quarter.

Although average effective interest rates for the Group have decreased compared to previous year, interest expense through profit and loss has increased to USD 16.9 million (USD 6.1 million) as interest relating to FPSO Sevan Hummingbird and FPSO Sevan Voyageur are expensed following reclassification of these units from 'construction in progress' to 'FPSO'.

As of March 31, 2009, total assets amounted to USD 1,963.8 million (USD 1,565.6 million), of which USD 1,713.8 million (USD 1,221.1 million) was capitalized as Sevan capital assets. Cash and cash equivalents amounted to USD 51.9 million (USD 87.2 million).

Jan Erik Tveteraas, CEO and Birte Norheim, Vice President Finance will at 2:00 p.m. give a presentation of the results at Shippingklubben, Haakon VII`s gate 1, Oslo. The presentation will be in English.

Sound and picture from the presentation will also be broadcasted LIVE at http://www.sevanmarine.com. Please log onto the webcast 5 minutes in advance. If you wish to dial-in to the presentation, please find details attached.

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 FPSO contracts, including the Goliat Sevan 1000 FPSO, and three drilling contracts with 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