SEVAN - REGISTRATION OF SHARE CAPITAL

Reference is made to the announcement published June 11, 2008 regarding private placement.

The increase of the share capital of the Company by the issuance of the 17,804,000 new shares issued in the private placement has been registered with the Norwegian Register of Business Enterprises. The total registered share capital of the Company is NOK 39,169,109.20 consisting of 195,845,546 shares, each with par value of NOK 0.20. All shares in the Company carry equal rights.

The shares issued have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the `U.S. Securities Act`), or any state securities laws, and were offered within the United States only to qualified institutional buyers (`QIB`), as defined in Rule 144A under the U.S. Securities Act (`Rule 144A`), through affiliates of the Joint Lead Managers, in reliance upon the exemption from the registration requirements provided by section 4(2) of the U.S. Securities Act Rule 144A, and to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the U.S. Securities Act. The shares issued are subject to certain restrictions on transfer. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares.

Sevan Marine ASA
Dated: 19 June 2008