Chevron North Sea Limited has awarded Sevan Marine ASA a contract to conduct a study for the potential application of a Sevan floating platform for the Alder project, now under consideration by operator Chevron (70% W.I.) and its co-license holders Conoco Phillips (25% W.I.) and GDF SUEZ (5% W.I.).

The study will be performed during 2010 and will be focused on demonstrating the feasibility of the Sevan Cylindrical FPSO for the field located in the UK Central North Sea. Study scope will cover hull sizing and configuration, topsides engineering, mooring, motion and stability analysis, marine operations, risk identification as well as cost and schedule estimation.

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.