Logitel Offshore Contract Award

Sevan Marine ASA (the "Company") is pleased to announce that a company within the Logitel Offshore group of companies ("Logitel") has entered into a 3 year charter contract (the "Contract") with Petrobras commencing end 2014 for the provision on one accommodation unit, currently under completion at the COSCO yard in China, to be stationed offshore Brazil. 

The Company acts as intervening party, and has assumed certain capped guarantee obligations, under the Contract. The Contract marks another important step in the recognition and use in new areas of operation of the Sevan technology, on which the Logitel accommodation unit is based. 

As previously announced, the Company has granted a USD 60 mill convertible loan to Logitel.