SEVAN - Minutes Extraordinary General Meeting

Sevan Marine ASA has today on June 17, 2009 held an Extraordinary General Meeting. All the proposals from the Board of Directors to General Meeting were approved.

INCREASE OF THE SHARE CAPITAL. PRIVATE PLACEMENT DIRECTED AT INSTITUTIONAL INVESTORS IN NORWAY AND INTERNATIONALLY The Extraordinary General Meeting resolved to issue 137,500,000 new shares at subscription of NOK 8 per share to investors that entered into agreements with the Company for such subscription on June 2, 2009. The new shares issued are expected to be delivederd to the subscribers during the beginning of next week (provided payment of the aggregate subscription price has been received). INCREASE OF THE SHARE CAPITAL – SUBSEQUENT PLACEMENT PRIMARY DIRECTED AT THOSE OF THE COMPANY’S SHAREHOLDERS THAT WERE NOT OFFERED TO PARTICIPATE IN SHARE ISSUE 1. The Extraordinary General Meeting resolved to authorise the Board of Directors to issue up to 48,000,000 new shares at NOK 8 per share in subsequent placement primarily directed at those of the Company’s shareholders that were not offered to participate in share capital increase no. 1. Separate announcement with the terms of such subsequent offering will be published. Further, in connection with the listing of the shares issued in share issue 1, the offer regarding the subsequent offering and listing of the shares issued in this offering a prospectus will be issued by the Company. ADJUSTMENT OF SHARE OPTION PROGRAMME Share options The Board of Directors is authorised to allocate up to 20,000,000 new share options to employees. New shares, employees The Board of Directors is authorised to issue up to 25.654.277 new shares in connection with stock options and bonus programme. MINUTES Attached as appendix to this announcement is the minutes of Extraordinary General Meeting in English translation. The minutes in Norwegian have been posted on the Company’s web-site - www.sevanmarine.com.