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Sevan Drilling : Disclosure of Significant Trade

Dated: November 30, 2011

Sevan Marine ASA ("Sevan Marine") has today disposed of 96 million shares in Sevan Drilling ASA ("Sevan Drilling") as part of the restructuring of Sevan Marine; and thereby crossed the disclosure threshold of 5% under Section 4-2 of the Norwegian Securities Trading Act. After the disposal, Sevan Marine does not hold any shares or votes in Sevan Drilling.

The shares were transferred to a special purpose vehicle (the "Unsecured SPV") owned by the bondholders in the "14% Sevan Marine ASA Callable Senior Unsecured Bond Issue 2010/2014", ISIN 001 059362.7 as part of the settlement of that bond loan. As part of the transaction, Sevan Marine was released from a lock-up undertaking in respect of the Sevan Drilling shares entered into with the investment banks that managed the Sevan Drilling IPO, and the Unsecured SPV has subjected itself to a similar lock-up undertaking.

Sevan Marine ASA  

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