Magnora ASA

AGM Information • Jul 6, 2018

Sevan Marine ASA: Minutes of extraordinary general meeting - approval of transaction with Sembcorp Marine

Sevan Marine ASA: Minutes of extraordinary general meeting - approval of transaction with Sembcorp Marine

An extraordinary general meeting of Sevan Marine ASA was held today, 6 July 2018. Please find attached the minutes of the general meeting.

All items on the agenda were approved, including the agreement dated 7 June 2018, as amended 5 July 2018, between Sevan Marine ASA and Sembcorp Marine Integrated Yards Pte Ltd. for the sale of a substantial part of Sevan Marine ASA's business for a cash consideration of USD 39,000,000 (the "Transaction"). The Transaction is expected to be completed during the course of Q3/Q4 2018.

For further information on the Transaction, please refer to the stock exchange notice published on 8 June 2018 and the notice of the general meeting attached to the stock exchange notice published on 12 June 2018.

* * *

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.