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Sevan Marine ASAPresentation of third quarter results 2012

Shippingklubben, Oslo, November 21, 2012Presented by: Carl Lieungh, CEO

Kjetil Vangsnes, CFO

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THIS PRESENTATION AND ITS ENCLOSURES AND APPENDICES (HEREINAFTER JOINTLY REFERRED TO AS THE “PRESENTATION”) HAVE BEEN PREPARED BYSEVAN MARINE ASA (”SEVAN” OR THE ”COMPANY”) EXCLUSIVELY FOR INFORMATION PURPOSES. THIS PRESENTATION HAS NOT BEEN REVIEWED OR REGISTEREDWITH ANY PUBLIC AUTHORITY OR STOCK EXCHANGE. RECIPIENTS OF THIS PRESENTATION MAY NOT REPRODUCE, REDISTRIBUTE OR PASS ON, IN WHOLE OR INPART, 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 CONSULTWITH 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 NORDELIVERY OF THIS PRESENTATION SHALL UNDER ANY CIRCUMSTANCE CREATE ANY IMPLICATION THAT THE INFORMATION CONTAINED HEREIN IS CORRECT ASOF 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-LOOKINGINFORMATION AND STATEMENTS ARE BASED ON THE CURRENT EXPECTATIONS, ESTIMATES AND PROJECTIONS OF SEVAN OR ASSUMPTIONS BASED ONINFORMATION AVAILABLE TO THE COMPANY. SUCH FORWARD-LOOKING INFORMATION AND STATEMENTS REFLECT CURRENT VIEWS WITH RESPECT TO FUTUREEVENTS AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS. SEVAN CANNOT GIVE ANY ASSURANCE AS TO THE CORRECTNESS OF SUCHINFORMATION 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 THATMAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIESASSOCIATED WITH THE RESTRUCTURING, THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, MANAGEMENT, FINANCING, MARKET ACCEPTANCE ANDRELATIONS WITH CUSTOMERS, ABILITY TO SECURE EMPLOYMENY FOR ITS TWO HULLS, ABILITY TO IMPLEMENT COST REDUCING INITIATIVES, THE COMPANY’STECHNOLOGY AND OFFSHORE UNIT DESIGN, LATENT LIABILITIES ASSOCIATED WITH DIVESTED BUSINESSES, AND, MORE GENERALLY, GENERAL ECONOMIC ANDBUSINESS 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 EXCHANGERATES AND INTEREST RATES AND OTHER FACTORS. MOREOVER, THE CONTEMPLATED RESTRUCTURING IS ASSOCIATED WITH UNCERTANTIES AND MAY BECONSUMMATED 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 TOIMPLEMENT ITS STRATEGIES, IMPLIED BY THIS PRESENTATION. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULDUNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS DOCUMENT. THE COMPANY DOESNOT 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 ORPURCHASE ANY SECURITIES OF THE COMPANY. NEITHER THIS PRESENTATION NOR ANYTHING CONTAINED HEREIN SHALL FORM THE BASIS OF, OR BE RELIEDON IN CONNECTION WITH, ANY POTENTIAL TRANSACTION REFERRED TO IN THIS PRESENTATION. ANY POTENTIAL OFFER OF SECURITIES OF THE COMPANYWOULD 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 EXCLUSIVEJURISDICTION OF NORWEGIAN COURTS.

IMPORTANT INFORMATION

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Contents

• Floating Production (FPSO/FSO)

• Topside and Process Technology (KANFA)

• Third Quarter Highlights

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Status ongoing projects (1)

• Sevan’s FPSO concept selected based onthe 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 throughout2013.

FPSO Sevan 1000 for the Goliat Field

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Status ongoing projects (2)

• 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.

Voyageur upgrade project for the Huntington Field

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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.

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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 fielddevelopment. Sevan performed a feasibilitystudy for Skrugard in 2011.

• Sevan has been awarded a concept study ofapprox 30,000 manhours to be performed in the period March 2012 to May 2013.

• Project “milestones”:• PDO June 2014• First Oil October 2018

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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 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.

FPSO/ FSO Accommodation

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Market outlook

Concept studies and FEED studies

• Sevan is currently involved with varioustenders for FEED studies. These includeredeployment of existing unit (Hummingbird), potential new lease applications (together withTeekay), and projects directly with end clients.

• The many discoveries within oil and gas worldwide, more projects moving into a production phase, as well as expected high and increasing investment levels in the industry, call for a positive market outlook for the Company.

• The number of prospects where a Sevan unit may be suitable is favorable in terms of securing an additional license agreement in 2013.

42 1

4 31 2 1 2

41

4 3 4 5 58

131413

81010

21

14

2017

27

222424

1921

27

43

32

52

SemiFSO SPARFPSO TLP

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Contents

Floating Production (FPSO/FSO)

Topside and Process Technology (KANFA)

Third Quarter Highlights

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KANFA targets EPC projects to leverage engineering resources and execution competence

Business models

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120

Engineering projects (MNOK) Topside EPC projects (MNOK)

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~2x

Employees Revenues Employees Revenues

EBITDA EBITDA

>240

Added value Project execution

responsibility

Procurement Engineering services quoted by the hour

Limited potential for value-added, scope-expanding offering

Balanced approach

>4x

• 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.

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Market outlook

Engineering studies and Process packages

• KANFA is currently involved with varioustenders for engineering studies (includingFEED studies) and process packages.

• In November a large produced water treatment (PWT) package for Piranema was secured.

• Market outlook for 2013 remains favorable in terms of securing additional processpackages.

0

5

10

15

20

25

30

2010 2011 2012 2013 2014 2015 2016

Utilitysystems

Watertreatment

Gas injection

Crude oilseparation

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KANFA has an ambition to become a leading processing houseEnterprise value/ revenue

Medium term Long term

AS-IS

Build coreprocessing platform

Organic growth and small acquisitions Increase base load and business 

robustness Gain critical mass of engineering

resources Complement current

competence

Diversified revenue mix (engineering,modules, topsides)

Robust financial performance, profitable throughout the cycle

Broad geographic presence

Now

Highly skilled process house w/ EPC capabilities

High growth potential

Leadingprocessinghouse

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Contents

• Floating Production (FPSO/FSO)

• Topside and Process Technology (KANFA)

• Third Quarter Highlights

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Operationso Revenue and costs in line with management expectationso Net burn rate in Q3 was in the range MUSD 0.0 – 0.5 per montho Current net burn rate is still in the range MUSD 0.0 – 0.5 per month

Restructuringo Teekay Bridge Loan for Voyageur only outstanding itemo Teekay has confirmed that Voyageur will be taken over at first-oil

Financeo Cash end Q3/12 increased by MUSD 0.8 from Q2/12; and by MUSD 3.1

since Q4/11o Investec facility settled in full in August

Highlights

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.

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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 f inancial income/(expense) 0,7 0,9 1,8 -79,8 -292,7 -292,7

Net f inancial 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

Q3 2012 - Profit and Loss Statement

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.

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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 f ixed 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 0,3Total 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 52,1Total current assets 93,3 91,3 118,7 96,5 Assets of disposal Group 493,7 447,5 718,9 380,5Total assets 692,9 644,0 962,3 581,8

Q3 2012 – Balance Sheet, Assets

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.

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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 87,9Total shareholders' equity 142,7 138,4 -173,8 122,5 Minority Interest 1,6 1,2 0,8 0,8Total 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 0,5Total 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 47,5Total 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 1 033,4 378,1Total equity and liabilities 692,9 644,0 962,3 581,8

Q3 2012 – Balance Sheet, Equity and Liabilities

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.

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Trade and other receivables of USD 38.1m (USD 37.0m)

Q3 2012 – Financial Highlights

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.

Short Term Receivables Q3 2012 Q2 2012 VarianceTrade receivables 22,1 22,8 -0,7Provision for bad debt 0,0 -0,5 0,5ONGC 8,0 8,0 0,0Accrued Income 3,6 2,4 1,2Prepaids 1,6 1,6 0,0VAT receivable 0,2 0,4 -0,2Other short term receivable 2,5 2,2 0,3Total 38,1 37,0 1,1

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Other current liabilities of USD 39.9m (USD 39.6m)

Q3 2012 – Financial Highlights

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.

Short Term Liabilities Q3 2012 Q2 2012 VarianceTrade creditors 2,5 1,7 0,8Trade accruals 2,2 2,6 -0,4Hulls 4 and 5 10,4 8,6 1,8ONGC 1,0 1,0 0,0Restructuring and indemnities TK 9,2 8,4 0,8Deferred revenue 1,2 6,2 -5,0Holiday, vacation, severance 4,6 5,1 -0,5Tax and social contributions 3,1 2,5 0,6KANFA 5,7 3,4 2,3Total 39,9 39,6 0,3

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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

Main Focus Going Forward

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Q & A