Sevan Marine Provides FPSO Voyageur Spirit Update

Regarding the sale of FPSO Voyageur Spirit to Teekay Corporation, Sevan Marine announces that the transfer of title to the FPSO Voyageur Spirit to Voyageur LLC is scheduled to take place on Thursday, May 2, 2013.

Recently the FPSO began oil production at Huntington field in the Central North Sea.

The field is expected to produce around 6,000 barrels oil equivalents per day.

The title transfer will constitute the final step in the restructuring of Sevan Marine and its subsidiaries according to plan.

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Press Release, May 1, 2013