Magnora ASA

M&A Activity • Aug 31, 2018

Sevan Marine ASA: update regarding the Sembcorp transaction

Sevan Marine ASA: update regarding the Sembcorp transaction

Reference is made to the stock exchange notices published by Sevan Marine ASA (the "Company") on 8 June, 6 July and 8 August 2018 regarding the transaction with Sembcorp Marine Integrated Yard Pte. Ltd. ("Sembcorp") whereby a substantial part of the Company's business is divested (the Transaction").

The closing of the Transaction has been announced to take place within August.

The Company and Sembcorp have today agreed the substantial closing conditions under the SPA for the Transaction. Completion of the Transaction is pending formal agreement on certain outstanding items and the receipt by the Company of the cash consideration of USD 39 million which is expected within the coming week. An update to the market will be made when the Transaction is complete and funds have been received by the Company.

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Sevan Marine ASA is a technology, design and engineering company. The company is developing, designing and delivering cost effective offshore solutions based on its unique cylindrical hull design and the HiLoad LNG offloading and regas technologies. For more information, please refer to www.sevanmarine.com.

For further information, please contact:

Reese McNeel, CEO, Sevan Marine ASA

reese.mcneel@sevanmarine.com

+47 415 08 186

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.