Letter of Intent signed for FPSO Sevan Voyageur

Sevan Marine ASA (Sevan), on behalf of its wholly owned subsidiaries,

and E.ON Ruhrgas UK E&P Limited, as operator on behalf of the Huntington

owners, have entered into a Letter of Intent whereby they agree to

progress negotiations on a charter party for the potential use of the

FPSO Sevan Voyageur as the production unit for the Huntington field in

block 22/14 of the UK continental shelf. These negotiations will be on a

mutually exclusive basis for the period until June 30, 2010.

There are certain technical and financing conditions that need to be

satisfied during this period.

The proposed charter party will be for a firm fixed term of five years

with extension options for the Huntington owners. The estimated contract

value would be USD 535 million for the fixed term.

Jan Erik Tveteraas, CEO of Sevan Marine ASA, said "We are pleased with

this announcement which demonstrates the attractiveness and flexibility

of the Sevan platform in the technically challenging segments of the

offshore market".

The Huntington owners are:

E.ON Ruhrgas UK E&P Ltd (25% and operator)

Premier Oil ONS Ltd (40%)

Noreco (Norwegian Energy Company ASA) (20%)

Carrizo Oil & Gas Inc (15%)

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.

For more information, please refer to http://www.sevanmarine.com//.

For further information, please contact:

Jan Erik Tveteraas, CEO, Sevan Marine ASA (Media)

+47 37404000 office

+47 95214925 mobile

Birte Norheim, VP Finance, Sevan Marine ASA (Analysts)

+47 37404201 office

+47 95293321 mobile

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