Sevan Marine ASA presented their third quarter results for 2012. They provided updates on their ongoing FPSO projects including the Sevan 1000 FPSO for the Goliat field in the Barents Sea, the Voyageur upgrade project for the Huntington field, and a concept study for the Sevan 400 FPSO for the Western Isles field. They also discussed the status of Hulls No. 4 and 5 in their fleet. Finally, they commented on the market outlook, noting they are currently involved in various tenders for FEED studies on potential redeployment and new lease applications.

1. Sevan Marine ASA
Presentation of third quarter results 2012
Shippingklubben, Oslo, November 21, 2012
Presented by: Carl Lieungh, CEO
Kjetil Vangsnes, CFO 1

2. IMPORTANT INFORMATION
THIS PRESENTATION AND ITS ENCLOSURES AND APPENDICES (HEREINAFTER JOINTLY REFERRED TO AS THE “PRESENTATION”) HAVE BEEN PREPARED BY
SEVAN MARINE ASA (”SEVAN” OR THE ”COMPANY”) EXCLUSIVELY FOR INFORMATION PURPOSES. THIS PRESENTATION HAS NOT BEEN REVIEWED OR REGISTERED
WITH ANY PUBLIC AUTHORITY OR STOCK EXCHANGE. RECIPIENTS OF THIS PRESENTATION MAY NOT REPRODUCE, REDISTRIBUTE OR PASS ON, IN WHOLE OR IN
PART, THE PRESENTATION TO ANY OTHER PERSON.
THE CONTENTS OF THIS PRESENTATION ARE NOT TO BE CONSTRUED AS LEGAL, BUSINESS, INVESTMENT OR TAX ADVICE. EACH RECIPIENT SHOULD CONSULT
WITH ITS OWN LEGAL, BUSINESS, INVESTMENT AND TAX ADVISER AS TO LEGAL, BUSINESS, INVESTMENT AND TAX ADVICE.
THERE MAY HAVE BEEN CHANGES IN MATTERS WICH AFFECT THE COMPANY SUBSEQUENT TO THE DATE OF THIS PRESENTATION. NEITHER THE ISSUE NOR
DELIVERY OF THIS PRESENTATION SHALL UNDER ANY CIRCUMSTANCE CREATE ANY IMPLICATION THAT THE INFORMATION CONTAINED HEREIN IS CORRECT AS
OF ANY TIME SUBSEQUENT TO THE DATE HEREOF OR THAT THE AFFAIRS OF THE COMPANY HAVE NOT SINCE CHANGED, AND THE COMPANY DOES NOT INTEND,
AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT ANY INFORMATION INCLUDED IN THIS PRESENTATION.
THIS PRESENTATION INCLUDES AND IS BASED ON, AMONG OTHER THINGS, FORWARD-LOOKING INFORMATION AND STATEMENTS. SUCH FORWARD-LOOKING
INFORMATION AND STATEMENTS ARE BASED ON THE CURRENT EXPECTATIONS, ESTIMATES AND PROJECTIONS OF SEVAN OR ASSUMPTIONS BASED ON
INFORMATION AVAILABLE TO THE COMPANY. SUCH FORWARD-LOOKING INFORMATION AND STATEMENTS REFLECT CURRENT VIEWS WITH RESPECT TO FUTURE
EVENTS AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS. SEVAN CANNOT GIVE ANY ASSURANCE AS TO THE CORRECTNESS OF SUCH
INFORMATION AND STATEMENTS.
AN INVESTMENT IN THE COMPANY SHOULD BE CONSIDERED AS AN HIGH-RISK INVESTMENT, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS,
PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT
MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES
ASSOCIATED WITH THE RESTRUCTURING, THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND
RELATIONS WITH CUSTOMERS, ABILITY TO SECURE EMPLOYMENY FOR ITS TWO HULLS, ABILITY TO IMPLEMENT COST REDUCING INITIATIVES, THE COMPANY’S
TECHNOLOGY AND OFFSHORE UNIT DESIGN, LATENT LIABILITIES ASSOCIATED WITH DIVESTED BUSINESSES, AND, MORE GENERALLY, GENERAL ECONOMIC AND
BUSINESS CONDITIONS, INCLUDING, BUT NOT LIMITED TO, WITHIN THE OIL AND GAS INDUSTRY, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS,
TAXES, CUSTOMS DUTIES, VAT OR VARIATIONS THEREOF, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE
RATES AND INTEREST RATES AND OTHER FACTORS. MOREOVER, THE CONTEMPLATED RESTRUCTURING IS ASSOCIATED WITH UNCERTANTIES AND MAY BE
CONSUMMATED IN A MANNER THAT DEVIATES FROM THE DISCUSSIONS CONTAINED IN THIS PRESENTATION, OR NOT AT ALL. READERS ARE CAUTIONED THAT,
EVEN IF THE RESTRUCTURING IS CONSUMMATED, THE COMPANY MAY NOT ACHIEVE THE BENEFITS FROM THE RESTRUCTURING, OR SUCCESSFULLY BE ABLE TO
IMPLEMENT ITS STRATEGIES, IMPLIED BY THIS PRESENTATION. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD
UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS DOCUMENT. THE COMPANY DOES
NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION.
THIS PRESENTATION DOES NOT CONSTITUTE OR FORM A PART OF, AND SHOULD NOT BE CONSTRUED AS, AN OFFER OR INVITATION TO SUBSCRIBE FOR OR
PURCHASE ANY SECURITIES OF THE COMPANY. NEITHER THIS PRESENTATION NOR ANYTHING CONTAINED HEREIN SHALL FORM THE BASIS OF, OR BE RELIED
ON IN CONNECTION WITH, ANY POTENTIAL TRANSACTION REFERRED TO IN THIS PRESENTATION. ANY POTENTIAL OFFER OF SECURITIES OF THE COMPANY
WOULD BE BASED ON A PROSPECTUS PREPARED FOR THAT PURPOSE.
THIS PRESENTATION IS SUBJECT TO NORWEGIAN LAW, AND ANY DISPUTE ARISING IN RESPECT OF THIS PRESENTATION IS SUBJECT TO THE EXCLUSIVE
JURISDICTION OF NORWEGIAN COURTS.
2

3. Contents
• Floating Production (FPSO/FSO)
• Topside and Process Technology (KANFA)
• Third Quarter Highlights
3

4. Status ongoing projects (1)
FPSO Sevan 1000 for the Goliat Field
• Sevan’s FPSO concept selected based on
the harsh and sub-arctic Barents Sea
environment.
• Technology license agreement signed in
2009 – ENI has licensed the right to build,
own and operate the Sevan 1000 FPSO.
License fee fully paid in August 2012 and
Investec facility settled in full.
• Sevan provides engineering services and
project execution support to ENI. Manning
level slightly increased during the quarter to
strengthen the site team in Korea. Sevan
support likely to remain high throughout
2013.
4

5. Status ongoing projects (2)
Voyageur upgrade project for the Huntington Field
• Sail-away of the FPSO Voyageur Spirit from
the Nymo yard in Arendal commenced
September 30. Hook-up of the 12 anchors
on the Huntington field was completed
October 11.
• The process of pulling risers is on-going
under the management of the operator.
• First oil is expected to occur in Q1/2013
following certain delays due to riser
installation issues on the field and weather-
related delays (both of which are unrelated
to Sevan or the unit).
• Teekay has confirmed that they remain
committed to assuming ownership as soon
as practically possible, and in any event
upon first oil being achieved.
5

6. Status ongoing projects (3)
FPSO Sevan 400 for the Western Isles Field
• The Western Isles Project (Dana 65% and
Cieco 35%) will develop two oil fields called
Harris and Barra in the Northern North Sea,
160km east of the Shetlands.
• The development is expected to produce
more than 40,000 barrels of oil equivalent
each day and the project is expected to
receive full approval from the UK
Government towards the end of 2012, with
first oil production expected in 2015.
• Sevan Marine and Dana Petroleum have
negotiated two agreements, one Technology
License Agreement whereby Dana pays a
license fee to Sevan for the right to use the
proprietary Sevan Technology, and one
Service Agreement under which Sevan will
provide technical and administrative
resources to Dana during the project. The
agreements are expected to be signed
shortly.
6

7. Status ongoing projects (4)
Concept study for FPSO Sevan 1000 for Skrugard/Havis Field
• Location Norwegian Barents Sea
• License partners: Statoil (operator), ENI,
Petoro
• Large similarities with Goliat field
development. Sevan performed a feasibility
study for Skrugard in 2011.
• Sevan has been awarded a concept study of
approx 30,000 manhours to be performed in
the period March 2012 to May 2013.
• Project “milestones”:
• PDO June 2014
• First Oil October 2018
7

8. Hulls No. 4 and No. 5
Hulls No. 4 and 5
• Hull No. 4 includes a partially completed
accommodation block. Hull No. 5 is less
advanced, but the structural steel work is
essentially completed.
• An impairment assessment has been
performed in relation to the carrying values
of hulls # 4 and #5. Even though
uncertainties exist in relation to the
carrying values, no further impairment has
been done during Q3/2012 as the
company‘s best estimate still is the
replacement cost value in total of USD 92
FPSO/ FSO Accommodation
million.
• Should the hulls be used for another
purpose than FPSO, the Company expects
that the value of the hulls may be further
impaired. The Company is continuously
working on different other applications for
the hulls.
8

9. Market outlook
Concept studies and FEED studies
• Sevan is currently involved with various
tenders for FEED studies. These include
redeployment of existing unit (Hummingbird),
potential new lease applications (together with 52
Teekay), and projects directly with end clients.
43
• The many discoveries within oil and gas
worldwide, more projects moving into a
production phase, as well as expected high
32
and increasing investment levels in the
industry, call for a positive market outlook for 27 27
the Company. 2424
22
21 21
20
19
• The number of prospects where a Sevan unit 17
14 14
may be suitable is favorable in terms of 13 13
1010
securing an additional license agreement in 8 8
2013. 4 4 4 4 4
55
3 3
2 2 2
1 1 1 1
FPSO FSO Semi SPAR TLP
9

10. Contents
 Floating Production (FPSO/FSO)
 Topside and Process Technology (KANFA)
 Third Quarter Highlights
10

11. KANFA targets EPC projects to leverage engineering resources and
execution competence
• Currently 65 (51) employees throughout the KANFA Group.
• The business model is to i) provide engineering services within the area of liquid- and gas processing
as well as process optimization, and ii) to provide process equipment packages/modules on an EPC
basis.
Business models
Engineering projects (MNOK) Topside EPC projects (MNOK)
Added value
 Project execution
responsibility
 Engineering services quoted by the hour  Procurement >4x >240
 Limited potential for value-added, scope-
expanding offering
~2x 120
Balanced approach
60 60
EBITDA EBITDA
Employees Revenues Employees Revenues
11

12. Market outlook
Engineering studies and Process packages
• KANFA is currently involved with various 30
tenders for engineering studies (including
FEED studies) and process packages.
25 Utility
• In November a large produced water systems
treatment (PWT) package for Piranema was
secured.
20
• Market outlook for 2013 remains favorable in Water
terms of securing additional process treatment
packages. 15
Gas injection
10
5
Crude oil
separation
0
2010 2011 2012 2013 2014 2015 2016
12

13. KANFA has an ambition to become a leading processing house
Leading
processing
house
 Diversified revenue mix (engineering,
modules, topsides)
 Robust financial performance, profitable
throughout the cycle
 Broad geographic presence
Enterprise value / revenue
Build core
processing platform
 Organic growth and small acquisitions
 Increase base load and business
robustness
AS-IS  Gain critical mass of engineering
resources
 Highly skilled process house  Complement current
w/ EPC capabilities competence
 High growth potential
Now Medium term Long term
13

14. Contents
• Floating Production (FPSO/FSO)
• Topside and Process Technology (KANFA)
• Third Quarter Highlights
14

15. Highlights
 Operations
o Revenue and costs in line with management expectations
o Net burn rate in Q3 was in the range MUSD 0.0 – 0.5 per month
o Current net burn rate is still in the range MUSD 0.0 – 0.5 per month
 Restructuring
o Teekay Bridge Loan for Voyageur only outstanding item
o Teekay has confirmed that Voyageur will be taken over at first-oil
 Finance
o Cash end Q3/12 increased by MUSD 0.8 from Q2/12; and by MUSD 3.1
since Q4/11
o Investec facility settled in full in August
Note: See press release and Q3 2012 interim report dated November 20, 2012 for a more detailed description of the
third quarter interim financial results.
15

16. Q3 2012 - Profit and Loss Statement
USDm Q3 12 Q2 12 30.09.12 Q3 11 30.09.11 2011
Operating income 20,9 23,7 69,0 22,0 74,8 100,0
Operating expense -13,9 -13,3 -39,8 -35,5 -76,8 -94,4
EBITDAFX 7,1 10,4 29,2 -13,5 -2,0 5,6
Operational foreign exchange gain/(loss) -0,8 1,2 -0,7 3,2 0,6 0,3
EDITDA 6,3 11,6 28,5 -10,3 -1,4 5,9
Depreciation, amortization and impairment -0,4 -0,2 -1,0 -2,6 -62,5 -79,1
Operating profit/(loss) 5,9 11,4 27,5 -12,9 -63,8 -73,2
Income from associated companies 0,0 0,0 0,0 0,0 1,9 1,9
Net financial income/(expense) 0,7 0,9 1,8 -79,8 -292,7 -292,7
Net financial forex gain/(loss) 0,9 -1,3 1,3 -0,2 -0,1 -1,2
Profit/(loss) before tax 7,5 11,0 30,6 -92,8 -354,9 -365,2
Tax income/(expense) -1,3 0,0 -1,3 -1,7 -39,0 -38,6
Net profit/(loss) continued operations 6,2 11,0 29,3 -94,5 -393,9 -403,8
Net profit/(loss) discontinued operations -3,0 -3,5 -10,7 -201,2 -594,2 -337,4
Note: See press release and Q3 2012 interim report dated November 20, 2012 for a more detailed description of the
third quarter interim financial results.
16

17. Q3 2012 – Balance Sheet, Assets
USDm 30.09.12 30.06.12 30.09.11 31.12.11
Sevan Capital Assets 92,0 92,0 110,0 92,0
Other fixed assets 0,7 0,9 1,2 0,9
Intangible assets 12,5 11,8 13,1 11,5
Investments in associates 0,0 0,0 0,0 0,0
Deferred tax assets 0,0 0,0 0,0 0,0
Other non-current assets 0,7 0,6 0,4 0,3
Total non-current assets 105,9 105,2 124,6 104,8
Financial assets available for sale 0,0 0,0 63,5 0,0
Trade and other receivables 38,1 37,0 44,0 44,4
Cash and cash equivalents 55,2 54,4 11,2 52,1
Total current assets 93,3 91,3 118,7 96,5
Assets of disposal Group 493,7 447,5 718,9 380,5
Total assets 692,9 644,0 962,3 581,8
Note: See press release and Q3 2012 interim report dated November 20, 2012 for a more detailed description of the
third quarter interim financial results.
17

18. Q3 2012 – Balance Sheet, Equity and Liabilities
USDm 30.09.12 30.06.12 30.09.11 31.12.11
Share capital 34,6 34,6 16,6 34,6
Other equity 108,1 103,7 -190,4 87,9
Total shareholders' equity 142,7 138,4 -173,8 122,5
Minority Interest 1,6 1,2 0,8 0,8
Total equity 144,3 139,6 -173,0 123,3
Interest-bearing debt 0,0 0,0 0,0 0,0
Retirement benefit obligations 1,7 1,7 1,9 1,9
Other long-term liabilities/provisions 0,0 0,0 0,7 0,5
Total non-current liabilities 1,7 1,7 2,6 2,5
Interest-bearing debt 0,0 7,9 41,1 30,4
Other current liabilities 39,9 39,6 58,1 47,5
Total current liabilities 39,9 47,5 99,3 77,9
Total liabilities 41,6 49,2 101,9 80,4
Liabilities of disposal Group 507,1 455,3 1 033,4 378,1
Total equity and liabilities 692,9 644,0 962,3 581,8
Note: See press release and Q3 2012 interim report dated November 20, 2012 for a more detailed description of the
third quarter interim financial results.
18

19. Q3 2012 – Financial Highlights
 Trade and other receivables of USD 38.1m (USD 37.0m)
Short Term Receivables Q3 2012 Q2 2012 Variance
Trade receivables 22,1 22,8 -0,7
Provision for bad debt 0,0 -0,5 0,5
ONGC 8,0 8,0 0,0
Accrued Income 3,6 2,4 1,2
Prepaids 1,6 1,6 0,0
VAT receivable 0,2 0,4 -0,2
Other short term receivable 2,5 2,2 0,3
Total 38,1 37,0 1,1
Note: See press release and Q3 2012 interim report dated November 20, 2012 for a more detailed description of the
third quarter interim financial results.
19

20. Q3 2012 – Financial Highlights
 Other current liabilities of USD 39.9m (USD 39.6m)
Short Term Liabilities Q3 2012 Q2 2012 Variance
Trade creditors 2,5 1,7 0,8
Trade accruals 2,2 2,6 -0,4
Hulls 4 and 5 10,4 8,6 1,8
ONGC 1,0 1,0 0,0
Restructuring and indemnities TK 9,2 8,4 0,8
Deferred revenue 1,2 6,2 -5,0
Holiday, vacation, severance 4,6 5,1 -0,5
Tax and social contributions 3,1 2,5 0,6
KANFA 5,7 3,4 2,3
Total 39,9 39,6 0,3
Note: See press release and Q3 2012 interim report dated November 20, 2012 for a more detailed description of the
third quarter interim financial results.
20

21. Main Focus Going Forward
 Voyageur First-Oil
 Skrugard FEED Study
 DANA License and Service Contracts
 Expect signature Q4
 Tendering for new concept and FEED studies
 Full focus on hulls no. 4 and 5
 Looking at several alternatives
 Growth plan for KANFA
 Bought IPS, looking at more alternatives
 Continue to reduce monthly burn rate
21

22. Q&A
22